Bitcoin Miner Riot Rejects Bitfarms Bid, Scraps Takeover
If Bitcoin falls below $57.9k, ETF participants may need to sell, impacting investor behavior and market stability, says Bianco Research.
If BTC falls below $57.9k, participants in ETFs may have to sell off.
Moving average analysis, such as that done on the 200-day and 200-week moving averages, can light up Bitcoin’s support and resistance levels. The realized price-by-year trend is also significant to keep an eye on. This trend tracks the average price at which coins are withdrawn from exchanges annually, providing insight into the market-wide cost basis. We may determine the state of the market and probable price swings by looking at these average withdrawal prices for various cohorts according to the year.
Based on their cost basis, BTC buyers from all years are theoretically profitable, according to the most recent Glassnode data. But this is a crucial time for the 2024 purchasing group, many of whom bought the US ETFs introduced on January 11. With a cost basis of $57.9k, these ETF purchasers are still lucrative, but if prices drop below this mark, they may come under pressure.
The chief of Bianco Research, Jim Bianco, emphasizes that most of these ETF purchasers are ordinary investors, or “retail degens,” who may lose their minds and sell if the price of Bitcoin drops below their cost basis. Consequently, $57.9k becomes a crucial milestone since it can impact investor behavior and market stability.
Opera Mini's MiniPay application has attracted three million users since its launch in September 2023,…
The SoftBank Group experienced a 99% loss in Dot-com and recently achieved an all-time high…
The UK general election is slated for July 4th, and some of the top election…
Institutional interest in Chainlink's LINK token rises as Fidelity International and Sygnum partner to offer…
Uncertainty surrounds Labour's impact on UK digital assets; poll shows some voters want lawmakers to…
Before ChatGPT, U.S. tech giants pledged "net zero" carbon emissions. Now, Big Tech's carbon footprint…