The United States’ equities markets are on a recovery path. The S&P 500 Index (SPX) surged 2.50% last week to record its best week since June. Even though Bitcoin (BTC) also attempted a relief rally, the bulls could not sustain the higher levels. In the end, Bitcoin finished the week with a marginal loss of 0.5%.
One of the main reasons Bitcoin gave back its gains was because the Securities and Exchange Commission delayed its decision on all spot Bitcoin exchange-traded fund (ETF) applications. However, this has not dented the expectations of analysts.
In a recent note, JPMorgan analysts said that the regulator will eventually approve several Bitcoin ETFs.
The short-term price action in Bitcoin remains in flux, but that has not deterred the long-term investors who have held onto their stockpile. Glassnode data shows that the currently mined supply dormant for three years or more has hit a new high of 40.538%.
Could Bitcoin break out of its range in the next few days? What are the important levels to watch out for? Let’s analyze the charts t
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Author: Rakesh Upadhyay
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