5 hours ago
Prominent analytics steadfast Glassnode has shared caller on-chain insights into the Bitcoin market, pointing to the adjacent large enactment portion amid a euphoric marketplace temper connected Friday. The world’s starring cryptocurrency concisely surged to supra $117,000 aft comments from US Federal Reserve Chairman Jerome Powell signaled a imaginable displacement distant from the cardinal bank’s long-standing hawkish stance.
Bitcoin’s Crucial Defense Level At $104,000–$108,000: Data
In an X post connected August 22, Glassnode explains that Bitcoin’s UTXO Realized Price Distribution (URPD) suggests the $104,000–$108,000 scope has emerged arsenic a captious enactment zone, backed by important capitalist activity. Notably, much than 1.15 cardinal BTC were accumulated wrong this terms set implicit the past year, creating a dense clump of realized prices that whitethorn enactment arsenic a beardown level for the market.
Source: @glassnode connected XFor context, the URPD exemplary tracks the organisation of Bitcoin’s proviso crossed antithetic terms levels, efficaciously highlighting wherever coins past changed hands. Heavy accumulation wrong a constrictive scope often translates into robust support, arsenic holders who bought astatine those levels are little apt to merchantability astatine a loss.
Currently, Bitcoin is trading adjacent $116,000 aft a flimsy retracement pursuing the terms rebound connected Friday. In the lawsuit of a further correction, prices are apt to retest the $104,000–$108,000 range, which presently holds the largest clump of realized prices beneath the contiguous spot marketplace price, underscoring the value of this enactment portion successful the short-term outlook.
Powell’s Policy Shift Drives $300 Million To Bitcoin Futures Market
In different developments, CryptoQuant expert Darkfost reported a crisp surge successful Bitcoin derivatives enactment aft Federal Reserve Chairman Jerome Powell hinted astatine a imaginable displacement successful monetary argumentation during his speech astatine the Jackson Hole Economic Symposium successful Wyoming. Powell suggested that the Fed whitethorn beryllium preparing to set its stance, citing the economy’s baseline outlook and evolving hazard dynamics.
The Fed Chair said:
Our argumentation complaint is present 100 ground points person to neutral than it was a twelvemonth ago, and the stableness of the unemployment complaint and different labour marketplace measures allows america to proceed cautiously arsenic we see changes to our argumentation stance. Nonetheless, with argumentation successful restrictive territory, the baseline outlook and the shifting equilibrium of risks whitethorn warrant adjusting our argumentation stance.
Within 15 minutes of this speech, Darkfost noted that astir $300 cardinal flowed into Bitcoin futures products, pushing Binance’s BTC Open Interest to astir $13.3 billion. The spike reflects investors’ positioning for imaginable involvement complaint cuts astatine the upcoming FOMC gathering successful September aft Powell’s hint of potential easing of the Fed’s monetary policy.
At property time, Bitcoin trades astatine $115,850, reflecting a terms summation of 2.25% successful the past 24 hours contempt caller gains.
Featured representation from iStock, illustration from Tradingview
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