Bitcoin : Weekly Analysis
Over the past week, we learn new stuff about the current state of Bitcoin but we also saw a slight comeback in its price.
The most important fact that we learn was the inflow for Bitcoin over the Q2 2019 was around $ 85 million, while 80 % of it came from institutional investors. In addition to that, the SEC announces that the final decision for Bitwise’s Bitcoin ETF will be taken until October 13. This announcement could affect Bitcoin’s volatility in higher levels from now.
Regarding technical analysis, the RSI index return to positive zones while bullish investors are trying to break the 20-day Exponential Moving Average. If this is successful, there are high possibilities for the price to climb until the 50-day Exponential Moving Average and catch the downwards trend line.
The downward trend line seems to be the upper limit in this phase and if tested many times, we may see another bottom at $ 7,700. In this case, many traders will buy at $ 7,700, waiting for a new rally.
In the current state, the safe zone lands between $ 7,300 and $ 7,700, giving margins for weaker moves over the next week and a slight delay in announcements that may affect the price.