BTCUSD Struggles Breaking 38K-39K Range
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Hi there,
Fundamentals: The struggle of Bitcoin to actually break above the 39,000 level continues despite increased capital inflow from institutional investors. There has been a surge in demand for digital assets, with positive inflows to the market for nine consecutive weeks. The anticipation of a spot Bitcoin ETF and the halving event next year contribute to this growth. Binance, one of the largest crypto exchanges, is facing challenges following the departure of their former CEO, with concerns about the fines imposed on the exchange and potential client exodus.
Analysis:
The 38450 is a resistance area for the BTCUSD and a break of the low 37827 could potentially signal a bearish trend down to 34500 with one price target of 36020. What could potentially happen with the current candle pin-bar is an impulse up, but we anticipate the break of the low. The price might fall all the way to the initial breakout of price-momentum which makes up a demand area. If a higher low above 39057 occurs then the setup will be invalid.
Fundamentals: The struggle of Bitcoin to actually break above the 39,000 level continues despite increased capital inflow from institutional investors. There has been a surge in demand for digital assets, with positive inflows to the market for nine consecutive weeks. The anticipation of a spot Bitcoin ETF and the halving event next year contribute to this growth. Binance, one of the largest crypto exchanges, is facing challenges following the departure of their former CEO, with concerns about the fines imposed on the exchange and potential client exodus.
Analysis:
The 38450 is a resistance area for the BTCUSD and a break of the low 37827 could potentially signal a bearish trend down to 34500 with one price target of 36020. What could potentially happen with the current candle pin-bar is an impulse up, but we anticipate the break of the low. The price might fall all the way to the initial breakout of price-momentum which makes up a demand area. If a higher low above 39057 occurs then the setup will be invalid.
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