{"id":648547,"date":"2024-10-18T01:00:11","date_gmt":"2024-10-18T01:00:11","guid":{"rendered":"https:\/\/ktsl888.com\/?p=648547"},"modified":"2024-10-17T16:22:26","modified_gmt":"2024-10-17T16:22:26","slug":"bitcoins-bull-rally-hinges-on-57k-support-level-heres-why-it-matters","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/bitcoin-news\/bitcoins-bull-rally-hinges-on-57k-support-level-heres-why-it-matters\/","title":{"rendered":"Bitcoin’s Bull Rally Hinges On $57K Support Level\u2014Here\u2019s Why It Matters"},"content":{"rendered":"

Bitcoin (BTC) has continued its ascent in recent weeks, reclaiming major highs. However, recent analysis suggests that the $57,000 level could be one of the most critical support points for the ongoing bull rally<\/a>.<\/p>\n

This insight comes from a CryptoQuant analyst, Burak Kesmeci, who highlighted<\/a> the role of Bitcoin Spot Exchange-Traded Funds (ETFs) in shaping the market stance.<\/p>\n

Related Reading: Analyst Says This Bitcoin Price Rally Has A \u2018Different Ring To It\u2019, Places Next Target At $109,000<\/a><\/div>\n

Bitcoin Resilience At The $57,000 Level<\/h2>\n

Spot ETFs have emerged as a major instrument in the Bitcoin ecosystem, offering a regulated entry point for institutional investors. According to Kesmeci, the average cost of Bitcoin Spot ETFs has been a key support level throughout 2024, providing a foundation for the asset\u2019s price stability<\/a>.<\/p>\n

This level is pegged at $57,000 and has held firm throughout the year, with only two significant exceptions. The $57,000 price level is significant because of its\u00a0technical support<\/a> and<\/span>\u00a0the psychological implications for Spot ETF investors.<\/p>\n

\n

Could the Average $BTC<\/a> Spot ETF Cost (57K) Be the Most Crucial Support Level in the Bull Rally?<\/p>\n

\u201cThe price of #Bitcoin<\/a> managed to stay above this level throughout the year, with only two exceptions.\u201d \u2013 By @burak_kesmeci<\/a><\/p>\n

Full post \ud83d\udc47https:\/\/t.co\/troZDKwKNw<\/a> pic.twitter.com\/IWqNJ2L6Kg<\/a><\/p>\n

\u2014 CryptoQuant.com (@cryptoquant_com) October 16, 2024<\/a><\/p><\/blockquote>\n

Bitcoin\u2019s price dipped below this support level twice in 2024. The first instance was in early August, driven by Japan\u2019s market turbulence, and the second in September due to a sharp price correction<\/a>.<\/p>\n

Despite these market shocks, Spot ETF investors did not react with panic selling. Kesmeci wrote:<\/p>\n

\n

Bitcoin Spot ETF investors proved, contrary to the expectations of many, that they are not weak hands.<\/p>\n<\/blockquote>\n

Foundation Set For Positive Move<\/h2>\n

According to the CryptoQuant analyst, these investors demonstrated resilience by holding onto their investments, even when unrealized losses mounted. Their ability to withstand market pressure contrasts with typical behavior in other speculative sectors, where sudden price drops often lead to mass sell-offs.<\/p>\n

This suggests that Spot ETF investors have grown more comfortable with Bitcoin\u2019s inherent volatility<\/a>, recognizing its long-term potential.<\/p>\n

The analyst highlighted that minor outflows during these turbulent periods were not significant enough to disrupt the broader market.<\/p>\n

Even during Japan’s “carry trade” crisis, where many expected a stronger market correction, the overall sentiment among Spot ETF investors remained calm.<\/p>\n

\"Bitcoin
Bitcoin ETF Realized Price. | Source: CryptoQuant<\/figcaption><\/figure>\n

In conclusion, Kesmeci noted:<\/p>\n

\n

As you can see from the chart above, the average cost of Bitcoin Spot ETFs has become perhaps the most crucial support level in the 2024 bull rally. With this long-term perspective, the contribution of Spot ETFs to the Bitcoin rally has laid a solid foundation for the potential developments in the market’s future.<\/p>\n<\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) has continued its ascent in recent weeks, reclaiming major highs. However, recent analysis suggests that the $57,000 level could be one of the most critical support points for the ongoing bull rally. This insight comes from a CryptoQuant analyst, Burak Kesmeci, who highlighted the role of Bitcoin Spot Exchange-Traded Funds (ETFs) in shaping the market stance. Related Reading: Analyst Says This Bitcoin Price Rally Has A \u2018Different Ring To It\u2019, Places Next Target At $109,000 Bitcoin Resilience At The $57,000 Level Spot ETFs have emerged as a major instrument in the Bitcoin ecosystem, offering a regulated entry point for institutional investors. According to Kesmeci, the average cost of Bitcoin Spot ETFs has been a key support level throughout 2024, providing a foundation for the asset\u2019s price stability. This level is pegged at $57,000 and has held firm throughout the year, with only two significant exceptions. The $57,000 price level is significant because of its\u00a0technical support and\u00a0the psychological implications for Spot ETF investors. Could the Average $BTC Spot ETF Cost (57K) Be the Most Crucial Support Level in the Bull Rally? \u201cThe price of #Bitcoin managed to stay above this level throughout the year, with only two exceptions.\u201d \u2013 By @burak_kesmeci Full post \ud83d\udc47https:\/\/t.co\/troZDKwKNw pic.twitter.com\/IWqNJ2L6Kg \u2014 CryptoQuant.com (@cryptoquant_com) October 16, 2024 Bitcoin\u2019s price dipped below this support level twice in 2024. The first instance was in early August, driven by Japan\u2019s market turbulence, and the second in September due to a sharp price correction. Despite these market shocks, Spot ETF investors did not react with panic selling. Kesmeci wrote: Bitcoin Spot ETF investors proved, contrary to the expectations of many, that they are not weak hands. Foundation Set For Positive Move According to the CryptoQuant analyst, these investors demonstrated resilience by holding onto their investments, even when unrealized losses mounted. Their ability to withstand market pressure contrasts with typical behavior in other speculative sectors, where sudden price drops often lead to mass sell-offs. This suggests that Spot ETF investors have grown more comfortable with Bitcoin\u2019s inherent volatility, recognizing its long-term potential. The analyst highlighted that minor outflows during these turbulent periods were not significant enough to disrupt the broader market. Even during Japan’s “carry trade” crisis, where many expected a stronger market correction, the overall sentiment among Spot ETF investors remained calm. In conclusion, Kesmeci noted: As you can see from the chart above, the average cost of Bitcoin Spot ETFs has become perhaps the most crucial support level in the 2024 bull rally. With this long-term perspective, the contribution of Spot ETFs to the Bitcoin rally has laid a solid foundation for the potential developments in the market’s future. Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":648569,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,680,6848,1119,78790,10923,83531],"class_list":["post-648547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-price-analysis","tag-bitcoin-price-prediction","tag-btc","tag-btcusdt","tag-crypto-market","tag-cryptoquant"],"acf":[],"yoast_head":"\nBitcoin Bull Rally Hinges On $57K Support Level\u2014Here\u2019s Why It Matters<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) has continued its ascent in recent weeks reclaiming major highs, however recent analysis suggests that the $57,000...\" \/>\n<meta name=\"robots\" content=\"index, follow, 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. 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