Bitcoin Maintains Sideways Pattern Ahead of Ethereum Merge

Azeez Mustapha

Updated:

Unlock Daily Forex Signals

Select a Plan

£39

1 - month
Subscription

Select

£89

3 - month
Subscription

Select

£129

6 - month
Subscription

Select

£399

Lifetime
Subscription

Select

£50

Separate Swing Trading Group

Select

Or

Get VIP forex signals, VIP crypto signals, swing signals, and forex course free for lifetime.

Just open an account with one our affiliate broker and make a minimum deposit: 250 USD.

Email [email protected] with a screenshot of funds on account to get access!

Sponsored by

Sponsored Sponsored
Checkmark

Service for copy trading. Our Algo automatically opens and closes trades.

Checkmark

The L2T Algo provides highly profitable signals with minimal risk.

Checkmark

24/7 cryptocurrency trading. While you sleep, we trade.

Checkmark

10 minute setup with substantial advantages. The manual is provided with the purchase.

Checkmark

79% Success rate. Our outcomes will excite you.

Checkmark

Up to 70 trades per month. There are more than 5 pairs available.

Checkmark

Monthly subscriptions begin at £58.


On-chain data provider Glassnode recently revealed that a large majority of Bitcoin (BTC) tokens on the market have been dormant for over 12 months. Bitcoin addresses described as dormant are those that have recorded no outgoing transactions within a given period and have maintained an above zero balance all through the said period.

Glassnode some hours ago: “The volume of Bitcoin supply that has remained unspent for at least one year has reached a new ATH of 12.589M BTC. This is equivalent to 65.77% of the circulating supply. Increasing dormant supply is a characteristic of #Bitcoin bear markets.”

In the report, the on-chain analytics provider noted that the 2022 bear cycle has been one of the most challenging for cryptocurrency investors, with heavyweights like Bitcoin and Ethereum slumping from their all-time highs by 75% and 85%, respectively.

Events like this have been commonplace in past near cycles, with investors seeing unrealized profits crashing as the market falls below its aggregate break-even margin levels.

Meanwhile, Bitcoin slumped by 38% in June, the cryptocurrency’s worst monthly performance since 2011. At the time, BTC trades below the $10 mark, making June’s crash the worst in “modern-day” BTC history.

Regardless, the flagship cryptocurrency has rebounded by over 30% since June, prompting analysts to speculate that the bear cycle, which has persisted for most of 2022, could be coming to an end.

Key Bitcoin Levels to Watch — September 6

Bitcoin maintained a sideways pattern into the late North American session on Tuesday, even as many crypto assets recorded notable gains.

BTCUSD – 4-Hour Chart on Gemini. Source: TradingView.

The cryptocurrency remained suppressed by the $20,000 resistance coupled with the 50-day SMA on the 4-hour chart. At the same time, the benchmark cryptocurrency held itself solidly above the $19,600 pivot base.

That said, the broader market seems to be excited ahead of the Ethereum Merge upgrade scheduled for September 14.

Meanwhile, my resistance levels are at $20,000, $20,500, and $21,000, and my key support levels are at $19,600, $19,000, and $18,000.

Total Market Capitalization: $997 billion

Bitcoin Market Capitalization: $380.9 billion

Bitcoin Dominance: 38.2%

Market Rank: #1

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

Leave a Reply

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