@bitcoin #NEARRisesNearly80%InAWeek
The 3 most important data points for the price of bitcoin.$BTC
One of the most important factors for the cryptocurrency market right now is the high price of crude oil. Oil ended the week marked by strong volatility. WTI closed on Friday at $100.30 per barrel, while Brent closed at $103.87.
Prices came close to $110 during the week due to concerns about supply in the Middle East. Persistently high oil could add pressure to inflation and, as a result, increase expectations of new interest rate hikes by the Fed.$BTC
On the other hand, during the stock market week from September 14 to 18, spot bitcoin ETFs in the United States recorded net inflows of just $6.2 million, after a week marked by large capital movements.
This divergence between ETF flows and price movement is a factor to take into account. Available Farside data shows, for example, a net inflow of $159.5 million on September 17 and a net outflow of $295.9 million on September 16.
Finally, bitcoin faces a major “test” zone between $83,000 and $86,000, where a high concentration of BTC previously purchased and a significant accumulation of liquidations overlap.$BTC
About 1.07 million BTC were acquired within that range, mainly by long-term holders. At the same time, there is a high concentration of short positions that could be liquidated, which could considerably increase volatility if bitcoin manages to move into that zone.
The 3 most important data points for the price of bitcoin.$BTC
One of the most important factors for the cryptocurrency market right now is the high price of crude oil. Oil ended the week marked by strong volatility. WTI closed on Friday at $100.30 per barrel, while Brent closed at $103.87.
Prices came close to $110 during the week due to concerns about supply in the Middle East. Persistently high oil could add pressure to inflation and, as a result, increase expectations of new interest rate hikes by the Fed.$BTC
On the other hand, during the stock market week from September 14 to 18, spot bitcoin ETFs in the United States recorded net inflows of just $6.2 million, after a week marked by large capital movements.
This divergence between ETF flows and price movement is a factor to take into account. Available Farside data shows, for example, a net inflow of $159.5 million on September 17 and a net outflow of $295.9 million on September 16.
Finally, bitcoin faces a major “test” zone between $83,000 and $86,000, where a high concentration of BTC previously purchased and a significant accumulation of liquidations overlap.$BTC
About 1.07 million BTC were acquired within that range, mainly by long-term holders. At the same time, there is a high concentration of short positions that could be liquidated, which could considerably increase volatility if bitcoin manages to move into that zone.
