2023-09-03 12:21:46
price Bitcoin (BTC) It still failed to generate profitable positions for investors after hitting a high of $28,184 with the news of Grayscale’s victory against the US Securities and Exchange Commission (SEC).
The good news that the coin’s price rally didn’t last long was that Bitcoin immediately went negative after the SEC delayed its decision on seven candidates to launch a Bitcoin Spot ETF.
Bitcoin later dropped to a near two-week low of $25,307 on September 1. However, Bitcoin recovered slightly to $25,816. During the day, Bitcoin is still down about 1%.
Bitcoin’s price action in early September raised questions as to what its fate might be in September, which has historically been regarded as the purest bear for Bitcoin due to its negative yields in the month. September for the past 6 consecutive years, according to previous reports.
An analysis of on-chain data by crypto analyst Ali suggests that Bitcoin may be at risk of approaching $23,340 as the $25,400 resistance appears to lack the strength to hold it.
IntoTheBlock, on the other hand, highlighted BTC’s next milestone towards $30,000, as 6.2 million addresses have bought over 2.6 million BTC in hopes of reaching $30,000.
Will Bitcoin go to $30,000 or 23,000?
On-chain analytics firm Santiment has identified key factors that could determine the next trend in Bitcoin. Determine the trend of Bitcoin going for $30,000 or $23,000.
According to Santiment, whales are still reluctant to hoard stablecoins at present, analyzing major wallets to see what percentage of stablecoins they hold have been reliable and historically effective for predicting. Where will Bitcoin go next? The increase in purchasing power is a good sign of recovery.
This is in line with another on-chain data suggesting that Bitcoin’s recent rise may be due to a sudden drop in the dealership. According to IntoTheBlock, addresses holding 0.1% or more of the Bitcoin supply have increased. Bitcoin holdings top $1.5 billion over the past 2 weeks.
source : U.Today
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