Technical analysis by efafinans about Symbol BTC on 5 hour ago

When we look at the basic side; Unlike the 2020-2021 bull cycle, the primary catalyst behind the current cycle increase in the current cycle is the demand shock created by corporate purchases and spot ETF inputs. These institutional purchases were so intense that spot BITCOIN We have seen periods in which the stock exchange investment fund exporters are purchased by 10 times the amount of Bitcoin which miners can produce. This radically changed Bitcoin's supply/demand balance. Bitcoin's current price movement represents much more than a speculative rise. This is a concrete reflection of traditional financial systems in the face of macroeconomic and political uncertainties. As the market matures, Bitcoin's position as "digital gold" is gradually strengthening. The price is no longer not only connected to cyclical halving events, but the Halving triggers the supply shock by restricting the new supply, while global liquidity expansion and Spot ETFs and institutional treasury purchases create an unprecedented demand shock. The combination of these two elements constitutes a powerful "bull scenario" for the market. Super -chain data show that long -term investors do not sell despite price fluctuations. This indicates a strong HODL tendency in the market, which increases the potential of rapid recovery of price decreases. When we look at the technical side; In the weekly graph, we see that it supports the previous ath level and received reaction from this area. Unless a new LH comes, we can say that the current rise trend will continue. August closed with a decline, but September started with buyers. I think the 120k weekly closures will give us new ath levels. In our previous analysis, I told you that 111k-gold could lead us to 104k-100k levels while the price was at 114k. In the current analysis, breaking 104K support can be put into a new decline trend. There is a lottery up to 70k in the decline scenario. Otherwise, our first psychological threshold will be 150K level. Although the correction is at the forefront in the short term, I look positive for the long term. We will watch and see what will happen .. Note: It is completely based on my personal opinions and should not be considered as an investment advice in any way. Do your own research before investing!