Bitcoin Support & Resistance Range | Crypto Daily Digest Sep.21
Bitcoin Magzine gives a good chart showing the strong support and resistance range in which the Bitcoin price is currently stuck.
For the past six months, Bitcoin has been stuck between strong support and resistance, according to BM Pro. Breaking out of this range, no matter up or down, seems to be difficult.
The macro environment remains challenging, with interest rates still at multi-decade highs. With the USD risk-free rate exceeding 5%, it becomes challenging for any perceived risk assets like Bitcoin and the broader crypto market to enter a new bull market.
However, the fundamentals within the crypto market, especially for Bitcoin, continue to improve. The number of Bitcoin addresses holding more than 1 BTC is steadily increasing. Nearly 30% of Bitcoin's total supply hasn't been moved in over 5 years. Asset allocators managing over $17 trillion in assets have sought approval for Bitcoin spot ETFs. Bitcoin is consistently being withdrawn from exchanges, and the upcoming halving event is on the horizon.
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