Bitcoin (BTCUSDT) continues to rise. Cryptocurrency prices have risen by 15.7% in the past week. The closest resistance level is at 57,500.00, with some factors suggesting continued growth.
Here are four reasons to buy Bitcoin right now:
- According to data from Glassnode, approximately $ 1.75 billion of capital flows into the market every day as buyers demand for Bitcoin.
Source glassnode.com
- It could be assumed that the main capital increase is due to institutional investors. Over the past two weeks, the open interest indicator on all exchanges shows a clear upward trend.
- It is worth noting that the difficulty of mining Bitcoin is increasing, which means that new coins are appearing on the market more slowly, forming a shortage of supply. This is a pretty serious supporting factor for Bitcoin.
Source glassnode.com
- Technical Analysis: Prices have moved to the resistance level of $ 57,500.00. Exceeding this point will open up opportunities to increase to $ 59,600.00 and $ 61,620.00 later on. Although I expect a movement to test the green trendline on the chart, so that it can gain strength and then bounce back. in the area of approximately 51500.
In the past week, cryptocurrencies have shown mixed movements. However, that hasn't stopped some digital currencies from showing impressive growth.
- The main news event supporting cryptocurrencies was the SEC's approval of Volt Equity's application to launch an ETF. The fund will be based on a basket of shares of companies that are revolutionizing the Bitcoin industry.
- Nearly 40% of El Salvador's population has installed the official Chivo Bitcoin wallet, news that has flooded the cryptocurrency market with positive sentiment. According to the country's president, over 2.1 million citizens actively use the crypto wallet.
The UK regulator said cryptocurrencies do not yet pose a major risk to the country's financial stability. But he said that as the cryptocurrency's influence grows, the regulatory framework will be strengthened.
Funding is a bit positive, lately the greed and fear index has jumped suddenly from 27 to 72 and the volume is low, all indicating that we may see a correction.
Returning to intraday trading, I report you a 30-minute chart and the usual table of levels for trading.
Chart from tradingview.com
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This article does not contain investment advice. Every investment and trading move carries a risk, readers should conduct their own research when making a decision.
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