Bitcoin / TetherUSShort
Bitcoin Analysis H4 30/08/2024
- Investor Activity: Investors have withdrawn over 22,000 BTC, reducing the balance on exchanges to below three million BTC. While long-term investors continue to buy, the accumulation may have peaked. The outflow from spot Bitcoin ETFs has slowed to $58.3 million. Persistent accumulation with retail investors staying on the sidelines and the absence of catalysts could limit Bitcoin's price in the short term.
- BTCUSD Price Action: BTCUSD traded briefly above the $60,000 level but couldn't sustain the gains, closing below this level. The price remains below both EMAs, moving sideways within the $57,500-$60,000 range. If BTCUSD continues to decline, the price could retest the lower range at $57,500. Conversely, closing above $60,000 and both EMAs might suggest a potential retest of $62,500.
- BTCUSD Price Action: BTCUSD traded briefly above the $60,000 level but couldn't sustain the gains, closing below this level. The price remains below both EMAs, moving sideways within the $57,500-$60,000 range. If BTCUSD continues to decline, the price could retest the lower range at $57,500. Conversely, closing above $60,000 and both EMAs might suggest a potential retest of $62,500.
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