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- The world’s largest cryptocurrency, Bitcoin
(BTC), has returned to the $26,500 levels and has been trading around these levels for a while.
- On-chain data provider Santiment reports that Bitcoin’s unique address activity has maintained five-month high levels.
- Popular crypto analyst Michael van de Poppe believes Bitcoin won’t drop significantly. Furthermore, the news of Deutsche Bank launching crypto custody solutions has provided significant support to the market.
Bitcoin’s price has shown significant movement in the last 24 hours, and now it’s crucial to maintain these levels to prevent further declines.
Critical Levels for Bitcoin Price!
The world’s largest cryptocurrency, Bitcoin (BTC), has returned to the $26,500 levels and has been trading around these levels for a while. This week, Bitcoin has experienced significant volatility due to news about FTX creditors. However, with the recent uptick, Bitcoin has seen healthy activity on the network.
On-chain data provider Santiment reports that Bitcoin’s unique address activity has maintained five-month high levels, with an average of 1.1 million BTC addresses actively sending and receiving coins daily. Additionally, the 5% price increase over the past three days triggered a profit-taking rally, reaching the highest levels in two months today.
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Moreover, Bitcoin traders with the highest profit/loss ratio in the past two months have taken profits.
Popular crypto analyst Michael van de Poppe believes Bitcoin won’t drop significantly. Additionally, the news of Deutsche Bank launching crypto custody solutions has provided significant support to the market. Poppe notes that we are witnessing a price scan at the $25,000 level and emphasizes the importance of holding support levels at higher price levels.
In this scenario, it is crucial for the market to maintain the levels between $25,600 and $25,900 because a breach below this range could trigger a series of stop-loss orders before significant price movements occur.
The likelihood of finding the market bottom has increased in this cycle. One key indicator is once again trading above the 200 Weekly Exponential Moving Average (EMA), and we will likely close above it in this cycle as well.
A Look at Bitcoin Options Data
Approximately 22,000 BTC options are set to expire, and according to Greeks Live data, the Put-Call Ratio is 0.74, with a maximum pain point at $26,000 and a value of $560 million.
BTC has shown minimal fluctuations in intraday volatility, and significant fluctuations often occur on Tuesdays. It is common for price fluctuations to concentrate on one or two days of the week, leading to relatively narrow market focus. During this period, very few impactful news developments have been observed. Due to these factors, BTC Call positions for this week’s deliveries have experienced a significant decrease.