Bitcoin price peaked at $52956 during the Asian session today. This is the highest price since May. The price approached the mark of $53000 as much as possible, but could not test it and began a correction. At the time of publication, the BTC/USD pair dropped below the support levels of 52400 and 51300 dollars, and is trading around 51050.
Despite the decline, the BTC/USD pair is trading above the 100-hour moving average. The pair is also trading above the uptrend line, which began to form in early September. This gives hope that the current bearish correction will be short-term and the BTC/USD pair will continue to rise.
Currently, the 100-hour moving average around 50800 dollars provides immediate support for the pair. If the BTC/USD pair falls below this level, we will see a decline towards 50400.
If Bitcoin manages to get back above $52000 today, it will continue to rise. In this case, the immediate resistance for the pair will be the level of 52650 dollars. A close above the level of 52800 will give the BTC/USD pair another attempt to break the important level of 53000 dollars.
Market analysts note that the rise in the price of Bitcoin is associated with the growing activity of institutions. Against the background of the recovery of the Bitcoin hash rate, miners began to fix their profits. Despite the fact that since the move of mining companies from China, the hash rate has not reached the initial level, but was able to recover by half.
Also, apparently, holders are in no hurry to sell their Bitcoins. Blockchain analysis shows that most of the BTC moving between wallets are new coins. Old coins remain dormant and stored. This means that soon the lack of liquidity supply may lead to an increase in prices on the spot market.
Glassnode data shows that 30000 Bitcoins have been withdrawn from Coinase last month. The exchange’s balance has reached a new low.