Bitcoin Shows Bullish Signal — But There's a Catch
Is Bitcoin ready for a major rally soon?
Hi friends,
🚨 Big Bitcoin Updates Alert! 🚨 Today, we dive into the latest market trends, price movements, and shocking news you won’t want to miss!
Market Overview: What’s Happening with Bitcoin?
The crypto market cap is up to $1.7 trillion, while the trading volume has decreased by 10.4%.
We’ve seen two major inflows since midnight, totaling 28,871 BTC. Yesterday, we saw inflows of 443 BTC.
The Fear and Greed Index stands neutral at 54, with market sentiment leaning toward buying.
Bitcoin’s Price Action: Will We Break $64,000?
Bitcoin is currently facing resistance around $64,000.
If it breaks this level, the next target could be $69,000. But we need strong volume for confirmation.
Support levels sit around $61,400, so keep an eye on that too.
The Ethereum price target looks promising as it surged from $2,293 to $2,482 and is now eyeing a potential break at $2,579. If this happens, the next key resistance level could be $2,868.
Meanwhile, Solana has seen a 6.94% increase in the past 24 hours. The Solana price target suggests it could rally up to $290, but there's also a possibility of retracing to the $86 range depending on market trends.
Big News: BingX Exchange Hack
BingX exchange has been hacked for $20 million.
While significant, it’s not a disaster for them. They’ve paused withdrawals for security reasons.
Surprisingly, despite being a major crypto hub, exchanges like BingX are banned from operating in Singapore!
The government supports blockchain but is still cautious about full crypto adoption.
Dormant Bitcoin Wallet Activated
Satoshi-Era Wallet Reactivated: A Bitcoin wallet, inactive for over 13 years, was reactivated on Friday, containing 59 BTC (valued at $3.8 million).
Whale Alert Report: Whale Alert, a blockchain tracker, reported this wallet’s activation, which is from the early days of Bitcoin.
Bitcoin Price Surge: The wallet's reactivation coincided with Bitcoin briefly reclaiming the $64,000 mark for the first time since late August.
ETF Activity
U.S. BTC-spot ETFs saw strong inflows, signaling rising Bitcoin demand.
ARK 21Shares led with $81.1M, followed by Fidelity ($49.9M) and Bitwise ($10.4M).
Total inflows on Sept. 19: $158.3M.
Fed rate cut expectations may push BTC to $70K.
Will Bitcoin sustain its bullish breakout trend?
Bearish Indicators: Despite the upward movement, there is a bearish TK cross and a bearish cloud, suggesting the trend may not be confirmed.
Previous Breakouts: Historical Kumo breakouts this year have not led to significant price gains, raising doubts about the reliability of the current breakout.
Risk Factors: The Tenkan-Kijun indicator suggests there is still a risk of further price declines, indicating caution for traders.
A breakout above $64,000 could lead Bitcoin to $67,500, potentially pushing it toward $70,000, as bullish sentiment grows following the Fed's rate cut and expectations for October recovery.
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