- Cryptocurrency markets witnessed a substantial shift in institutional investor behavior, particularly towards Bitcoin. Bybit Research reveals a significant surge in BTC investments, marking a turning point in the crypto landscape.
- Institutional focus on Bitcoin, changing dynamics with Ether, and strategic shifts in stablecoin allocations depict a dynamic crypto landscape. As the market navigates uncertainties, Bitcoin stands resilient, supported by technical indicators and institutional confidence.
Institutional Preference: Institutional investors, previously hesitant with altcoins, are now gravitating towards Bitcoin. Bybit's research indicates a notable uptick in BTC investments, signifying a departure from alternative cryptocurrencies.
September Turning Point: September played a pivotal role, with half of the institutional portfolios analyzed containing bitcoins. The anticipation of spot cryptocurrency ETFs drove this shift, underscoring the growing confidence in Bitcoin's future.
Ether's Changing Fortunes: Contrastingly, the allure of Ether waned among high-capital investors, particularly following network changes in April. Despite this, there was an unexpected surge in wallets holding Ether in September, presenting a nuanced picture.
Stablecoin Dynamics: While retail traders leaned on stablecoins during market uncertainties, institutional investors redirected capital from stablecoins to Bitcoin and Ether, indicating a strategic move towards higher potential returns.
Altcoin Struggles: Altcoins continue to face low investor interest, with only a brief resurgence in May 2023. The market appears to favor established cryptocurrencies over their alternative counterparts.
Technical Analysis: The BTC/USD pair experienced a weekend correction of -9.43%, reaching $40,328 before rebounding. A Pin Bar formation on the H4 chart signals bullish pressure, with the market consolidating around $41,926. Intraday support levels are identified at $41,142 and $40,328, while the key demand zone on the H4 chart spans $38,477 - $38,029.
Weekly Pivot Points: Pivot Points serve as critical markers for trend reversals and support/resistance levels.
- WR3: $48,882
- WR2: $45,536
- WR1: $43,937
- Weekly Pivot: $42,173
- WS1: $40,583
- WS2: $38,818
- WS3: $35,484
Trading Outlook: With eyes set on $48,200 as the next long-term target, sustained bullish momentum prevails. The critical support levels at $32,829 and $31,790 underscore the resilience of Bitcoin's long-term uptrend, provided $19,572 remains unbreached.
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Important Reminder
The begginers in forex trading need to be very careful when making decisions about entering the market. Before the release of important reports, it is best to stay out of the market to avoid being caught in sharp market fluctuations due to increased volatility. If you decide to trade during the news release, then always place stop orders to minimize losses.
Without placing stop orders, you can very quickly lose your entire deposit, especially if you do not use money management and trade large volumes. For successful trading, you need to have a clear trading plan and stay focues and disciplined. Spontaneous trading decision based on the current market situation is an inherently losing strategy for a scalper or daytrader.
