Bitcoin Analysis on the H4 18/09/2024
- Macro Overview
Investors continue to withdraw bitcoin, putting pressure on exchange balances, which have dropped below 2.99 million BTC. An additional $130.2 million investment into spot bitcoin ETFs, excluding IBIT, FBTC, and BRRR due to pending results, confirmed previous figures. Investors are more optimistic about the positive momentum in Q4, supporting bitcoin prices.
- Technical Analysis
After retesting the 57,660 level, BTCUSD recovered above both EMAs and formed a higher high. This strong bullish momentum has shifted the structure upwards, accumulating strength. If BTCUSD extends its rally beyond 60,600, the price could test 61,600 before reaching 62,800. Conversely, if BTCUSD remains below 60,600, the price may retreat to 59,200 before continuing the trend.
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