Macro Overview
Bitcoin's price remained stable with quiet trading activity over the weekend and on Labor Day. Long-term holders have accelerated their accumulation since last weekend, with the illiquid supply surging to an all-time high of over 14.5 million BTC. Retail investors are staying on the sidelines due to the lack of significant catalysts, and prices may continue to decline.
Technical Analysis
BTCUSD briefly retested the 56,650-57,800 zone and closed higher, breaking out of the descending wedge pattern, indicating a potential recovery. If BTCUSD extends above the psychological level of 60,000, the price could retest the 61,800 resistance level. Meanwhile, a close below 60,000 may suggest trading within the range of 57,800-60,000.
Bitcoin's price remained stable with quiet trading activity over the weekend and on Labor Day. Long-term holders have accelerated their accumulation since last weekend, with the illiquid supply surging to an all-time high of over 14.5 million BTC. Retail investors are staying on the sidelines due to the lack of significant catalysts, and prices may continue to decline.
Technical Analysis
BTCUSD briefly retested the 56,650-57,800 zone and closed higher, breaking out of the descending wedge pattern, indicating a potential recovery. If BTCUSD extends above the psychological level of 60,000, the price could retest the 61,800 resistance level. Meanwhile, a close below 60,000 may suggest trading within the range of 57,800-60,000.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.