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Cryptocurrency News Articles
Bitcoin (BTC) Rising As Selling Pressure Drops, But Why Is $65,000 Hard To Break?
Sep 25, 2024 at 03:00 am
The inability of buyers to ease past $65,000 comes when on-chain data shows that sellers are losing momentum.
Bitcoin price is showing resilience, adding nearly 30% after dropping to lows of $49,000 in early August. As bulls gain momentum and key fundamental factors swing in favor of the world’s most valuable coin, prices are struggling to break past $65,000.
This reaction level coincides with August highs, as seen on the daily chart.
Technically, if buyers can find the required momentum to break above this level, it could see prices soar to as high as $70,000, a psychological level, and even break past $72,000. If this occurs, it will be the first time since June that bulls have broken through resistance at their reaction level.
Bitcoin Rising As Selling Pressure Drops, Why Is $65,000 Hard To Break?
The inability of buyers to break past $65,000 comes as on-chain data shows that sellers are losing momentum. After fears in early September, the bounce higher to spot rates has seen traders change strategy, focusing on longs and cutting losses.
One analyst on X pointed to trading data, showing that BTC sales at a loss dropped significantly over the past week of trading. The Bitcoin realized cap shows that traders losing money over the last week dipped below $5 million to $4.7 million.
This suggests that most sellers are no longer willing to sell their coins at a loss. Subsequently, the drop in selling pressure should, in theory, prop up bulls, setting the foundation for even more gains.
Immediate resistance on the daily candlestick arrangement is $65,000. However, the problem is that bulls have been unable to break through this liquidation level despite the high confidence.
Bitcoin Sharpe Ratio At 11.8%, There Is More Room For Growth
The analyst also noted that the Bitcoin Sharpe ratio is around 11.8% as selling pressure drops. On-chain analysts use the ratio to gauge risk-adjusted returns relative to the United States treasuries.
At those levels, it means BTC holders, over the last year, have been in the money, earning more than bondholders.
Related Reading: $1 Milestone For Dogecoin Looms: Market Expert Reveals Shocking Timeline
Typically, whenever the Bitcoin Sharpe ratio rises to around 20%, it signals a market top. Since the ratio is at 11.8%, it signals that there is more room for growth before hitting the speculative peak.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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