Bitcoin remain above 200-day moving average but the market's momentum is decreasing. The crypto is currently changing hands for around $45,000 after reaching a 24-hour top of near $47,000. In the immediate short-term, 1-hour chart shows that the price break out of the support line and then return to retest that line. After a short pullback, we can expect a move towards the $50,000 - $51,000 area.
Fundementally, btc seems to be rolling over FUD: China’s crypto crackdown and the subsequent Great Hashrate Migration caused little impact. Even the Poly Network’s $600 million hack this week made no dent to prices. Data from Glassnode shows the total supply of bitcoin held by entities with a balance of 0.1-1 BTC has continued to increase alongside bitcoin’s price, suggesting that retail investors are buying alongside institutional investors.
Fundementally, btc seems to be rolling over FUD: China’s crypto crackdown and the subsequent Great Hashrate Migration caused little impact. Even the Poly Network’s $600 million hack this week made no dent to prices. Data from Glassnode shows the total supply of bitcoin held by entities with a balance of 0.1-1 BTC has continued to increase alongside bitcoin’s price, suggesting that retail investors are buying alongside institutional investors.
