A quick look at $BTC and its future during this period
Bitcoin is currently trading in the range of $83,000–$84,000 and is trending toward delivering gains for the third consecutive week—an unusual bullish streak we haven’t seen since 2012.
Optimism factors:
· According to the Elliott Wave theory, if the fifth wave plays out, the short-term target ranges between $85,000–$95,000, with an ideal target around $93,000.
· Binance recorded the largest daily outflow of Bitcoin since 2023 (more than 13,800 coins), and the platform’s balance fell by about 20,000 coins over four days. This is typically seen as a long-term holding signal and may ease selling pressure.
· J.P. Morgan noted that if Bitcoin stabilizes above $85,000, the selling pressure on miners would drop significantly.
Risk factors:
· The yield on U.S. Treasury 10-year bonds has broken above the 5% threshold, and the probability of a rate hike in October rose to around 75%, putting pressure on high-risk assets.
· Some analysts warn that if the $80,000 support is broken, the price may return to test $70,000.
Key levels:
· Resistance: $85,000–$87,000
· Support: $82,500–$84,000
$SOL $XAUT
#Binance #BTC #Crypto #Bitcoin
Bitcoin is currently trading in the range of $83,000–$84,000 and is trending toward delivering gains for the third consecutive week—an unusual bullish streak we haven’t seen since 2012.
Optimism factors:
· According to the Elliott Wave theory, if the fifth wave plays out, the short-term target ranges between $85,000–$95,000, with an ideal target around $93,000.
· Binance recorded the largest daily outflow of Bitcoin since 2023 (more than 13,800 coins), and the platform’s balance fell by about 20,000 coins over four days. This is typically seen as a long-term holding signal and may ease selling pressure.
· J.P. Morgan noted that if Bitcoin stabilizes above $85,000, the selling pressure on miners would drop significantly.
Risk factors:
· The yield on U.S. Treasury 10-year bonds has broken above the 5% threshold, and the probability of a rate hike in October rose to around 75%, putting pressure on high-risk assets.
· Some analysts warn that if the $80,000 support is broken, the price may return to test $70,000.
Key levels:
· Resistance: $85,000–$87,000
· Support: $82,500–$84,000
$SOL $XAUT
#Binance #BTC #Crypto #Bitcoin