Bitcoin (BTC) has been gathering some momentum in the crypto sphere lately, against multiple analysts’ signals. The world’s leading cryptocurrency has been on a wild ride, with its price fluctuations going haywire during the past few weeks.
One major driver behind the recent price surge in Bitcoin is the understanding that a spot Bitcoin ETF is likely to be approved by the SEC. With immense anticipation of such a decision from the SEC, which is likely to finally open the door for increased institutional investments in the cryptocurrency, many investors are risking an entrance at the current levels.
Another factor that has been driving Bitcoin’s price has been the reduction in new BTC supply following the halving event in the second half of 2024. Generally, prices for Bitcoin have soared after halving by multiples, since the reduced supply directly correlates with higher demand and price.
200wma over $38k
— Adam Back (@adam3us)
Bitcoin’s 200-Week Moving Average Provides Strong Support
Blockstream CEO Adam Back explained that the 200-week moving average of Bitcoin had risen past $38,000, a level that now provides solid support for the cryptocurrency. Indeed, the 200MA has repeatedly been treated as one of the most important indicators in Bitcoin analysis since the cryptocurrency never went below this moving average.
Another revealing metric as far as new Bitcoin gains are concerned would be the holding patterns of the asset. According to information published by the online site BTCDirect, 69% of BTC supplying has not moved for a year or even longer. Of course, another instance of a lessening volume of BTC in circulation helps to alleviate selling pressure on the asset further, cementing a bullish thesis for Bitcoin.
BTC up in the last 24 hours. Source:
Bearish Factors To Consider
At the time of writing, Bitcoin was up 3.0% in the last 24 hours, and sustained a 4.7% gain in the last seven days, data from Coingecko shows.
Bitcoin is now trading at $61,183. Chart:
Despite the recent price spike in Bitcoin, there are some bearish factors that remain in the background, one of which is the Mt. Gox repayments that are likely to put more selling pressure into the market. Earlier in the week, the infamous exchange made another whopping transfer to Bitstamp, setting off possible selling pressure.
Other bear factors are a lack of readily apparent bull catalysts near term for Bitcoin, with the following being the latest from banking behemoth JPMorgan, advising clients to be very mindful before buying into Bitcoin’s recent price recovery, as the cryptocurrency is likely to face headwinds into the next several months.
Featured image from Pexels, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
Read more
Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
