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Bitcoin (BTC) technical and fundamental analysis

📈 Technical analysis of the BTC/USDT

The price of Bitcoin rolled back to its previous level, absorbing all the previous growth. The fundamental reasons for the decline were the news that the SEC is postponing consideration of the spot bitcoin ETF and the release of new market data in the US.

Thus, the price overcame the EMA50 4h dynamic support line, but was stopped by the support trend line.

On the daily logarithmic chart, the price retested below the 200-day moving average and thus consolidated below it. Let me remind you that the BTC price went down from the bearish wedge pattern, and now we have two options for working out:

1. Retest below the support trend line of the figure to confirm fixation below it, and then decrease.

2. Decrease without a retest of the trend line, in case of strong pressure from macroeconomic factors and the news background.

In both cases, this will be a correction of the entire growth since the beginning of 2023, where the targets can be 0.61-0.78 Fibonacci levels, the point of control of the value zone (ROS), the next zone of interest of buyers 22000-23000 and the most important psychological level 20000. At these levels, we will reversal formations for a set of long positions.

The fear and greed index continues to be in the fear zone - 40.

The total cryptocurrency market capitalization has fallen to $1,024 billion, while the Bitcoin dominance index has dropped to 49.18.

According to the analysis of the accumulation of large blocks of orders in the order books, the supply and demand zones are located at the following levels:

🟢 Demand zone: 22000 - 25000

🔴 Supply zone: 30000 - 32000

📊 Fundamental analysis

The SEC said it needed a longer period to evaluate several Bitcoin spot ETF filings, including those from investment giant BlackRock, Wisdom Tree Funds, Invesco, Valkyrie Funds, Fidelity and VanEck. Against the backdrop of negative news, the price of the main cryptocurrency dropped sharply. The delay in the SEC's decision on applications for a spot bitcoin ETF cost traders who opened long positions $130 million in losses. Most of the closed positions were in BTC and ETH.

After the release of new data, it turned out that the situation in the labor market is not so bad, which means that the Fed may not be in a hurry to ease monetary policy at its meeting, which will be held on September 20.

🌐 Upcoming events in the global economy

By the following dates, we expect increased volatility in the stock and cryptocurrency markets:

➤ September 13 15:30 - Consumer inflation index (CPI).

➤ September 20 21:00 - Next Fed rate decision.

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