Bitcoin reached high of $69,498 earlier this week
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His statement implies that Bitcoin is more than just an asset he believes in but a movement that he actively supports and grows.Bitcoin reached a high of $69,498 on Monday, following several days of gains. The price increase has broken through multiple crucial levels based on technical and on-chain inputs. This is one of the first indications of upward price momentum since late June.
This rise has seen the market break past the combined barrier of the 200- and 111-day moving averages, to which Bitcoin investors typically respond. Open Interest in both perpetual and fixed-term futures contracts reached a new all-time high of $32.9 billion this week, indicating a significant rise in aggregate leverage entering the system.Interestingly, the 365-day SMA has historically acted as either support or stubborn resistance at macro market inflection points.
Traders are concerned that the central bank might be less likely to cut interest rates, even as the Fed had forecast another half-point worth of cuts before the end of the year. Investors will be keeping an eye on the latest comments from Fed officials on Wednesday.Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends.
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