{"id":189004,"date":"2021-10-05T18:30:16","date_gmt":"2021-10-05T13:00:16","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=189004"},"modified":"2021-10-05T17:38:34","modified_gmt":"2021-10-05T12:08:34","slug":"bitcoin-why-re-testing-64000-is-a-better-prospect-now","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-why-re-testing-64000-is-a-better-prospect-now\/","title":{"rendered":"Bitcoin: Why re-testing $64,000 is a better prospect now"},"content":{"rendered":"

With the price of Bitcoin oscillating close to $50,000 yet again, the question remains if bullish momentum would finally allow another re-test of its all-time high. With respect to its support levels, Bitcoin has immediate strength at $47,200, which is the 0.236 Fibonacci range.<\/p>\n

However, a strong trend building up on exchanges that reduces selling pressure and increases the probability of a Bitcoin rally has been observed before.<\/p>\n

In this article, we will analyze if the same narrative will have a similarly bullish effect on Bitcoin.<\/p>\n

Stablecoin stacked; time to let Bitcoin rip?<\/strong><\/h4>\n
\"\"<\/a>
Source: Crypto Quant<\/figcaption><\/figure>\n

With respect to stablecoin reserves, it is important to note these observations should be taken with a pinch of salt. Especially since stablecoin assets have often been linked with short-term price manipulations.<\/p>\n

However, over the past year, the representation of stable assets has become more clear and there is a direct link between exchange reserve and BTC’s price rise. It can be thus argued that during stablecoin reserve consolidation, Bitcoin’s price undergoes strong recovery.<\/p>\n

\"\"<\/a>
Source: CryptoQuant<\/figcaption><\/figure>\n

USDC is currently the biggest example in 2021.<\/p>\n

Whenever USDC has hit an all exchange reserve high, Bitcoin’s valuation has seen bullish momentum on the charts, and the exchange reserve decreases as a possible investment reason.<\/p>\n

At press time, USDC reserves remained at their ATH levels. This means buyers are possibly waiting on the sidelines for bullish confirmation. This confirmation would be Bitcoin crossing $50,000 once again.<\/p>\n

Miners look unlikely to increase selling pressure<\/strong><\/h4>\n
\"\"<\/a>
Source: CryptoQuant<\/figcaption><\/figure>\n

One of the strongest signals, however, might be the fact that miners are looking less and less likely to sell at the moment.<\/p>\n

Data suggested<\/a> that the Miner’s Position Index, at press time, was under the value of 0. This underlined the possibility of selling pressure from miners being negligible (MPI above 2 indicates rising selling pressure).<\/p>\n

\"\"<\/a>
Source: Glassnode<\/figcaption><\/figure>\n

One of the possible reasons why miners are reluctant to sell could be the block rewards and subsidies paid to them over the last few days. According to Glassnode<\/a>, post the halving in 2020, USD miner revenue paid has risen by 630% since block subsidy became 6.25 BTC\/block.<\/p>\n

The total revenue paid per day in September 2021 averaged close to $40m\/day. These figures would not fall unless Bitcoin drops back down to the $20k-$25k range. Hence, unless there is uncharacteristic dumping from buyers, miners seem to have no intention to sell.<\/p>\n

With stablecoin supply sidelined, these indicators can culminate over the next few weeks and become the bullish confirmation needed. By extension, the plot for a re-test of $64,000 will only improve over the next few days.<\/p>\n","protected":false},"excerpt":{"rendered":"

With the price of Bitcoin oscillating close to $50,000 yet again, the question remains if bullish momentum would finally allow another re-test of its all-time high. With respect to its support levels, Bitcoin has immediate strength at $47,200, which is the 0.236 Fibonacci range. However, a strong trend building up on exchanges that reduces sellingContinue reading “Bitcoin: Why re-testing $64,000 is a better prospect now”<\/span><\/a><\/p>\n","protected":false},"author":13,"featured_media":189051,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[],"class_list":["post-189004","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"\nBitcoin: Why re-testing $64,000 is a better prospect now - AMBCrypto<\/title>\n<meta name=\"description\" content=\"With the price of Bitcoin oscillating close to $50,000 yet again, the question remains if bullish momentum would finally...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/bitcoin-why-re-testing-64000-is-a-better-prospect-now\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin: Why re-testing $64,000 is a better prospect now - 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