August 12, 2022

2 key metrics suggest Bitcoin price won’t be pinned below $33K for long

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Over the last 48 hours, Bitcoin (BTC) price climbed from $31,000 to $34,800 before reversing course and dropping the majority of these gains. While this $3,800 shift to the downside might not seem significant, the 12% oscillation liquidated $660 million worth of futures contracts.

While it’s unlikely that there will ever be a definitive answer behind the move, on Jan. 25, President Joe Biden voiced his willingness to lower the $1.9 trillion stimulus package. This might have reduced incentives for those buying BTC as an inflation protection or a hedge against U.S. dollar devaluation versus leading global currencies.

BTC/USD 4-hour chart. Source: TradingView

Shorter-term charts might not reflect Bitcoin’s bullishness, but several derivatives indicators and the top traders’ flow leaves no room for expecting sub-$30,000 prices.

Bitcoin has been testing the $30,800 support, but bulls have shown aggressive buying activity below that level. Not surprisingly, both MicroStrategy and Marathon Patent Group have recently announced sizeable acquisitions.

Data shows that Title: 2 key metrics suggest Bitcoin price won’t be pinned below $33K for long
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Published Date: Tue, 26 Jan 2021 21:41:00 +0000