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Cryptocurrency News Articles
Bitcoin (BTC) Price May Stage a Comeback and Retest $68K Resistance as 4 Key Metrics Flash Buy Signals
Aug 27, 2024 at 09:02 pm
Bitcoin (BTC) retreated from Sunday, Aug. 26 high of $64,960 to $62,300. Still, there are four main reasons why the coin may stage a comeback and retest the important resistance point at $68,000.
Bitcoin (BTC) price has retreated from last week’s highs, but several indicators suggest that the coin may attempt to retest the key resistance level at $68,000.
Despite the pullback, BTC futures open interest is rising, indicating increasing demand in the futures market. Third-party data shows that interest jumped to $34.7 billion on Aug. 26, its highest point since Aug. 2.
Most exchange-traded funds (ETFs) also recorded inflows on Monday, Aug. 26, for the eighth consecutive day. Total inflows rose to over $202 million, an increase from Friday’s $252 million.
On the other hand, active Bitcoin addresses also rose to 671,000 on Aug. 6, up from 538,000 on Sunday. The number is nearing the month-to-date high of 725,000.
Moreover, Bitcoin may benefit from interest rate cuts as it has done in the past. In a statement on Friday, Jerome Powell noted that the bank would likely start cutting rates in September.
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- African Bitcoin Conference 2024 Set to Accelerate the Growth of African Developers and Cryptocurrency Adoption in Africa
- Sep 21, 2024 at 04:20 pm
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- PayPal Announces the Launch of Its Stablecoin, PYUSD, on the Solana Blockchain
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- SEC Approves Bitcoin ETF Options, Bringing the Asset Class Closer to Mainstream Adoption
- Sep 21, 2024 at 04:20 pm
- The approved options will be listed on the Nasdaq under the ticker symbol “IBIT.” This move allows institutional investors and traders to hedge their exposure to bitcoin more efficiently.
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- The United States Securities and Exchange Commission (SEC) Approves Nasdaq to List Options for BlackRock's iShares Bitcoin Trust ETF
- Sep 21, 2024 at 04:20 pm
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