Bitcoin Analysis on the H4 12/09/2024
Macro Overview
Easier withdrawal options have kept Bitcoin balances on exchanges stable, signaling investor hesitation near key levels. Miner transfers to exchanges have hit their lowest point of the year, while illiquid supply has increased, reflecting a lack of selling intent. Investors in ARKB are leading the way in spot Bitcoin ETF purchases.
Technical Analysis
BTCUSD corrected to 55,650 before retesting 57,800. The price remains within an upward channel and above both EMAs, indicating continued bullish momentum. If BTCUSD extends its rise beyond 57,800, it may retest the psychological level of 60,000. On the other hand, if BTCUSD pulls back before continuing upward, it may correct to around 56,500.
Easier withdrawal options have kept Bitcoin balances on exchanges stable, signaling investor hesitation near key levels. Miner transfers to exchanges have hit their lowest point of the year, while illiquid supply has increased, reflecting a lack of selling intent. Investors in ARKB are leading the way in spot Bitcoin ETF purchases.
Technical Analysis
BTCUSD corrected to 55,650 before retesting 57,800. The price remains within an upward channel and above both EMAs, indicating continued bullish momentum. If BTCUSD extends its rise beyond 57,800, it may retest the psychological level of 60,000. On the other hand, if BTCUSD pulls back before continuing upward, it may correct to around 56,500.
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