• Latest
  • Trending
  • All
  • LATEST NEWS
  • SPONSORED POSTS
  • BANKING
  • Cryptocurrency
  • Job Past Questions
  • PRICE WATCH
  • VIEW POINT
  • ECONOMY
  • Careers
  • Press Release
  • Breaking News
  • education news
  • Personal Finance
  • Networth
Bitcoin

Bitcoin approaches $53K as Golden Cross Approaches: Analysis

September 7, 2021
U.S. President Joe Biden signs an executive order, in Washington

President Biden Appoints Two Nigerian-American Experts as Special Advisers

September 28, 2023
Meta AI Chatbot

Mark Zuckerberg Unveils Meta AI Chatbot, a Rival to OpenAI’s ChatGPT

September 28, 2023
Food Prices

Food Prices Soar by 31% in Nigeria with Ebonyi and Abia States Leading, Reports NBS

September 28, 2023
binance announcement

Binance Directs European Users to Convert Euros to USDT Following Paysafe’s Termination of Services

September 28, 2023
Arbitrum Ethereum Layer 2 Scaling Solution to Launch This Month

US Set to Welcome Ethereum Futures ETFs Trading Next Week, Bloomberg Analyst Predicts

September 28, 2023
Bitget study shows that 46% of millennials in the world's largest economies own crypto

Analyst Predicts Bitcoin Price Hike to $30K in October as Currency Sees 2% Uptick

September 28, 2023
Cooking Gas Prices in Nigeria: Skyrocketing to New Heights?

Rising Cooking Gas Prices Spark Concern: NALPGAM Calls for Federal Intervention

September 28, 2023
KPMG Nigeria sees significant growth in mobile banking

E-Banking Fees Surge to N154 Billion in First Half of 2023 Amid Growing Adoption

September 28, 2023
Okeodo Market

Lagos State Government Closes Okeodo Market Due to Environmental Violations

September 28, 2023
Nigerian Stock Trades Tumble to Four-Month Low Amid Market Uncertainties

Nigerian Stock Trades Tumble to Four-Month Low Amid Market Uncertainties

September 28, 2023
Nigeria Secures $1.95bn in World Bank Loans Amidst Rising Debt Concerns

Nigeria Secures $1.95bn in World Bank Loans Amidst Rising Debt Concerns

September 28, 2023
CBN Urges Fintech, Banks to Collaborate to reduce Cost of Transaction

Nigerian Fintech Sector Experiences Talent Surge Amidst Explosive Growth

September 28, 2023
  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise
Friday, September 29, 2023
  • Login
Financial Watch
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH
No Result
View All Result
Financial Watch
No Result
View All Result
Home Cryptocurrency

Bitcoin approaches $53K as Golden Cross Approaches: Analysis

Bitcoin prices reached their highest levels since May 11 during Tuesday morning’s Asian trading session, nearing $53,000

by Sam Gabriel
September 7, 2021
in Cryptocurrency
0
Bitcoin

Bitcoin

491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Bitcoin approaches $53K as Golden Cross Approaches: Analysis – Building on recent momentum, Bitcoin prices made it to just shy of $53,000 during Asian trading today. The move has seen the asset at its highest price for 17 weeks, adding to gains made on Monday.

At the time of press, BTC trades at $52,800, according to Tradingview. More interestingly, a golden cross on the daily timeframe was imminent and likely to occur within the next day or two.

This is a longer-term bullish indicator that appears when a faster moving average crosses above a slower one (the 50-day and 200-day in this case).

Bitcoin price
BTC/USD 1D Binance – Tradingview.com

Miners Taking Profits

On-chain analytics provider, Glassnode, commented that it appears to be institutions driving the momentum again.

“As renewed optimism follows positive price action, on-chain transaction volumes are showing continued growth in dominance by large, institutional sized capital.”

In its weekly on-chain report, the firm stated that BTC miners have started to take profits this week amid the hash rate recovery. Over half the hash rate has recovered now since the China-induced mining migration began in June.

“The increase in hash-rate is likely a combination of previously obsolete hardware finding a second lease on life, and miners in China successfully relocating, re-establishing, or re-homing their hardware and operations,” it added.

Mining revenue has returned to July 2019 levels which is around $380,000 per Exahash. Some miners have started taking profits now that Bitcoin has reclaimed the $50K level. This is still bullish, though some of that revenue will be reallocated to hardware and operation expansion.

The markets have absorbed this selling pressure as the miner net position change has returned to neutral levels.

Bitcoin HODLers Refusing to Sell

Another metric analyzed by the firm is the movement of coins of different ages. It observed that the majority of BTC being spent or sold at the moment are highly liquid as old coins remain dormant and hodled.

“This indicates that conviction to HODL is extremely high and a lack of liquid supply could squeeze spot market prices higher.”

The research concluded that investors who own coins older than a year are spending less and HODLing more, even as prices rally.

All of the momentum has lifted altcoins as well, some of which are outperforming BTC at the moment. The total market cap has gained 2% on the day to reach $2.46 trillion – its highest level since the mid-May all-time high of $2.55 trillion.

Tags: BitcoinPrice analysis
Share196Tweet123
Previous Post

Justin Sun announces TRON DeFi TVL is now over $11 billion

Next Post

El Salvador’s Bitcoin as Legal Tender Plan has begun

Sam Gabriel

Sam Gabriel

Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

Next Post
El Salvadors Bitcoin as Legal Tender Plan has begun

El Salvador’s Bitcoin as Legal Tender Plan has begun

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
FRSC recruitment

Federal Road Safety Corps Salary Structure – See How FRSC Pay Workers

September 22, 2021
FRSC insists it has statutory powers to arrest traffic offenders impound vehicles

FRSC News 2021 – See Today’s Recruitment 10 latest Updates

September 11, 2021
The Nigerian Army DSSC SSC Recruitment Portal

Current Salary of Nigerian Army Officers: See Full Details (2021)

September 11, 2021
CBN AGSMEIS Loan Form 2020/2021: How To Apply Without Collateral

CBN Loan application Form 2021: How To Apply for Collateral free loan

August 17, 2021
Regulatory preasure forces Binance to suspend Euro deposits

Binance Makes Its Way into Dollar Indexes as BNB price Drops 10% in One Week

July 20, 2021
How buy 2019 JAMB 2019 UTME form/ registration PIN online

UTME result: How to Check JAMB Result 2022 – Jamb Result Checker

1333
JAMB Result checker 2020 out | www jamb org ng result checker

Utme 2021: Check JAMB Results Using JAMB Registration Number

1146
List of JAMB Approved CBT Centres In Abia State 2020/2021 | Abia State Jamb Cbt Centres

Jamb Portal 2021: How to check Jamb Results – jamb.org.ng/efacility

523
P Yes registration

www.p-yes.gov.ng – Register For P-YES Progeamme Portal – Apply Now

436
Breaking: JAMB releases more 15,490 UTME results

JAMB Results 2021 Online Checking Steps | www.jamb.org.ng Result

316
U.S. President Joe Biden signs an executive order, in Washington

President Biden Appoints Two Nigerian-American Experts as Special Advisers

September 28, 2023
Meta AI Chatbot

Mark Zuckerberg Unveils Meta AI Chatbot, a Rival to OpenAI’s ChatGPT

September 28, 2023
Food Prices

Food Prices Soar by 31% in Nigeria with Ebonyi and Abia States Leading, Reports NBS

September 28, 2023
binance announcement

Binance Directs European Users to Convert Euros to USDT Following Paysafe’s Termination of Services

September 28, 2023
Arbitrum Ethereum Layer 2 Scaling Solution to Launch This Month

US Set to Welcome Ethereum Futures ETFs Trading Next Week, Bloomberg Analyst Predicts

September 28, 2023
Financial Watch

Copyright © 2023 Financial Watch.

Navigate Site

  • About
  • Privacy Policy
  • Terms of Use
  • Feedback
  • Advertise

Follow Us

No Result
View All Result
  • HOME
  • Banking
  • ECONOMY
  • VIEW POINT
  • PRICE WATCH
  • CRYPTO WATCH

Copyright © 2023 Financial Watch.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In