Ethereum is taking over? – Bitcoin attracted capital during this first quarter of 2023, Ethereum may be taking over. This morning, Bitcoin touched $31,000, but sellers showed up to take the price back to $30,000.
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Bitcoin price loses ground once morest Ethereum
Despite this morning’s rise that allowed Bitcoin (BTC) to touch 31 000 $, sellers woke up. The price shows red in 24 hours:
Bitcoin continues to lose ground once morest the eternal second in terms of market capitalization. In fact, the pair BTC/ETH drops 4% in 24 hours. Despite the slight decline experienced today, BTC is in 8% increase in one week. Bitcoin climbs more than 20% in one month.
On-chain analysis: ongoing distribution for Bitcoin
Usually it is interesting to look at entities with more than 1 000 BTC. However, it may also be interesting to analyze the behavior of addresses with more than 100 BTC:
By analyzing this graph, we can see that these entities have accumulated at the end of 2022when the price moved below 20 000 $. Once the price is above 20 000 $these operators began to slowly distribute. Approaching 30 000 $they decided to distribute with greater intensity.
In the previous edition, we mentioned the fact that the résistance around 30 000 $ might hold back the price, as it is an important technical level. Some traders take profits here.
Possible bounce around $30,200 for Bitcoin price?
The price of BTC is falling, but a bounce is possible at the level of institutional bias (EMA 9/EMA 18) bullish:
For the moment, the dynamic is bullish in 4 hour time unit. Buyers have a hand, and a bounce is possible here. In the event of a rebound, the price might reach the resistance at $31,500. If the price settles below 30 000 $, the sellers might take advantage to push the price down towards the support at $28,500. The bulls need to hold this support.
The RSI is marking a bearish divergence with the close below 65. This shows some breathlessness on the buying side.
Bitcoin is back at $30,000, but addresses with more than 100 BTC take the opportunity to distribute. The price of BTC is still bullish in 4H time frame, the bulls have the opportunity to react at the level of the 9 and 18 moving averages. In the event of a rebound, the price might reach the next resistance at $31,500. Can Bitcoin break through the psychological zone at $30,000?
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