Thursday, September 16, 2021
HomeNewsBitcoin is approaching local highs with the return of retail investors ...

Bitcoin is approaching local highs with the return of retail investors news




Bitcoin moved away from its recent highs yesterday, but today the price of the major cryptocurrency is nearing $ 46,000 as retail investor interest rises and US lawmakers attempted to change tax rules Rejected cryptocurrencies. The market also seems to be ignoring the recent poly network hack that stole around $ 600 million in crypto assets. The hackers captured Ethereum, Shiba Inu and Wrapped Bitcoin, among others.

Meanwhile, according to Glassnode data, the total supply of Bitcoin held by retail investors with a balance of 0.1 to 1 BTC has continued to grow in line with the Bitcoin price, suggesting that retail investors are buying alongside institutional investors. This is bullish news as retail investors have been a significant contributor to the upside in the past.

Recent data suggests growing interest from retail investors. Source: Glassnode

Bitcoin pulled back from the strong resistance at $ 46,672 that coincides with the 50% Fibonacci retracement of the last downward wave, but sellers failed to break the 200 SMA (red line) that is now acting as support. Should the uptrend continue and Bitcoin break above the aforementioned resistance area, the next target for the bulls would be the 61.8% retracement around $ 50,882. On the other hand, should current sentiment change, next support would be at $ 42,465. Source: xStation 5




0% commission on real stocks and ETFs at XTB
More than 2,000 shares from all over the world with 0% commission and monthly sales of up to 100,000 EUR. Free access to real-time prices, an intuitive trading platform, an advanced stock scanner, a personal advisor, various training materials and more. Start today or try out stock trading at XTB for free. More information is available here.

Disclosure in accordance with 80 WpHG for the purpose of possible conflicts of interest

The author is currently not invested in the discussed securities or underlyings.

The authors of the publications compose this information at their own risk. Analysis and assessments are not provided in relation to the specific investment objectives or needs of any particular person. Publications by XTB commenting on specific situations in the financial markets and general oral statements made by XTB employees regarding the Financial markets, do not constitute advice to the customer by XTB and cannot be interpreted as such. XTB is not liable for losses that arise directly or indirectly through decisions made with regard to the content of the publications.

Risk notice

CFDs are complex instruments and carry a high risk of losing money quickly due to the leverage effect. 73% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Investment successes and profits from the past do not guarantee success in the future. Contents, newsletters and messages from XTB do not represent any action taken by XTB.


Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Trending News

Recent Comments