Bitcoin Analysis on the H4 04/09/2024
Macro Overview
- Investors have withdrawn over 2,500 BTC, keeping the total balance stable at just over three million BTC. Additionally, more than $287.8 million has been pulled out of spot Bitcoin ETFs, reflecting an increase in risk-averse sentiment. Retail investors are becoming more cautious, and the lack of strong catalysts is dampening overall optimism.
Technical Analysis
- BTCUSD retested around 60,000, coinciding with the 78-day EMA, before sharply declining. The price is currently within a descending channel, signaling a sideways-to-downward trend. If BTCUSD recovers above 60,000, the price could retest the resistance at 61,800. Meanwhile, a close below 56,650 may suggest a further decline to the next support level at 54,600.
- Investors have withdrawn over 2,500 BTC, keeping the total balance stable at just over three million BTC. Additionally, more than $287.8 million has been pulled out of spot Bitcoin ETFs, reflecting an increase in risk-averse sentiment. Retail investors are becoming more cautious, and the lack of strong catalysts is dampening overall optimism.
Technical Analysis
- BTCUSD retested around 60,000, coinciding with the 78-day EMA, before sharply declining. The price is currently within a descending channel, signaling a sideways-to-downward trend. If BTCUSD recovers above 60,000, the price could retest the resistance at 61,800. Meanwhile, a close below 56,650 may suggest a further decline to the next support level at 54,600.
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