Prices come back by TipRanks

িতে Reuters this week on BTC: Price bounces back

BTC prices are rising modestly after hitting a six-week low below T 60,000. Meanwhile, El Salvador has sunk again, adding another 150 BTCs to the country’s wallet.

Basic appearance

The price of BTC (BTC-USD) has dropped from above 48 48,000 to below, 400,000, reaching a six-week low. A number of factors have played a role in influencing this week’s price activity on Bitcoin, most notably the default possibility facing Chinese real-estate giant Evergrand in the face of its own so-called “Lehman Moment”.

Already a default on books and the need to pay millions in a few weeks, the news shook the global market earlier in the week, lowering the prices of risky assets, including Bitcoin. Evergrand-related FUDs (fear, uncertainty and suspicion) led the sell-off earlier this week. However, the world’s largest cryptocurrency seems to be stabilizing after gaining support.

Meanwhile, El Salvador is capitalizing on the current market conditions. El Salvador’s current president, Naib Buckley, announced on Twitter (NYSE 🙂 that the country had bought another 150 BTC, bringing the total deposit to 700 BTC. Although prices have returned, the market is still very volatile, with a conceptual value of around ০ 1,000,000 BTC expiring next Friday.

Echoing El Salvador’s deep-buy, Glassnode, a provider of on-chain analysis, said in a recent report that miners were depositing bitcoin to recover network hash rates. In the last six and a half months, mineral wallets have accumulated about 14,000 BTC, amounting to more than 600 600 million.

In the news of crypto culture, Hungarian sculptors Tamas Gili and Reka Jerjeli unveiled the statue of the infamous Satoshi Nakamoto, the mysterious creator of Bitcoin, in Budapest earlier this week. Built with funding from four Hungarian cryptocurrency-centric organizations, the statue is housed in Grafisoft Park, home to prominent technology offices such as SAP, Microsoft (Nasdaq :), Silicon Labs (SLAB) and many more. .

Finally, Snow-based DFI platform V Finance announced via Twitter that it was the victim of a cyber attack, with hackers snatching 213.93 BTC (about 9 9 million). The Pnetwork protocol, another prominent cross-chain DeFi platform, also announced that it had been hacked through the Binance smart chain, losing about 277 pBTC, representing about .7 12.7 million in BTC.

Whale of the week

September 16: 7,606,626 BTC moved from multiple addresses to unknown wallet September 16: 6,350,924 BTC moved from multiple addresses to unknown wallet September 17: 4,800,822 BTC moved from multiple addresses to unknown wallet September 19: 3,102,525 BTC moved from multiple addresses to unknown wallet September 9: 20 BTC moved from multiple addresses to unknown wallet September 21: 7,596,543 BTC moved from multiple addresses to unknown wallet September 21: 5,671,405 BTC moved from multiple addresses to unknown wallet

Technical Tech

As it struggles to stay above $ 48,000 or re-examine the psychological level of $ 50,000, the price of Bitcoin (BTC-USD) has fallen, with the rest of the cryptocurrency dragging on much of the market. Despite a week-on-week decline of about 13%, the loss of the seminal pair increased due to a 15.59% decline in ADA-USD and a 19.46% decline in ETH-USD.

The BTC-USD pair was able to get near-সহায়তা 40.85 support at the .0.0 %% Fibonacci retracement level before returning to the .0. %% level. On the negative side, it is worth observing the 61.8% level, which corresponds to $ 38,000. A pullback deeper than .81 %% may indicate a change in trend after the last move. Side upward, 23.6% or $ 47,200 pair could act as a resistance for a sustainable rebound.

Interestingly, the Relative Strength Index (RSI) almost reached the oversold zone at the time of the last sell-off, but was able to bounce from a familiar level marking the turning point for the BTC-USD pair in July, which probably points in the opposite direction. Medium term.

Meanwhile, the moving averages are now acting as a resistance even after the golden cross pattern was revealed after the side-moving moving average crossover. In addition to the initial resistance at $ 42,900, the 200-day moving average is $ 45,800 and the 50-day moving average is প্রধান 46,750.

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