A naukri.com initiative
Bitcoinist
4w
348
Image Credit: Bitcoinist
Bitcoin Volatility Returns As Altcoin Inflows Stay Low – Calm Before The Storm?
- Bitcoin's price retracted into the $104K–$105K range amidst global market panic triggered by the Israel-Iran conflict.
- Despite the dip, CryptoQuant data suggests that market resilience remains intact with low inflows to exchanges, indicating long-term holders are holding their positions.
- Bitcoin's crucial support at $103.6K is pivotal for potential further bullish movements towards the $112K all-time high.
- Bitcoin continues to stay firm above $100,000 despite ongoing geopolitical uncertainties and macroeconomic fears.
- Analysts anticipate a potential breakout above $112K, signaling a new bullish phase for Bitcoin.
- Julio Moreno from CryptoQuant notes that low exchange inflows, especially from altcoins, hint at steady investor confidence and lack of panic selling in the market.
- BTC has been testing key support levels below $109K, showing signs of consolidation and short-term support around $103,600.
- The 50-day SMA around $103,400 and solid buying interest near $103,000 indicate a resilient market despite recent volatility.
- A breakout above $109,300 could signify bullish momentum towards the $112K mark, while a breakdown below $103,600 might lead to a deeper retracement.
- Bitcoin's next directional move hinges on holding key support and resistance levels, with market sentiment cautiously optimistic.
Read Full Article
20 Likes
For uninterrupted reading, download the app