Since the Fed rate announcement, Bitcoin has failed to break through the $64,000 mark several times. This price zone is a major resistance area as it was once Bitcoin's ATH.
Long term, if the price breaks and consolidates above the 200-day moving average, it will be a good support for BTC. For now, the price is stuck below the moving averages, and market indicators point to the formation of a consolidation zone between $ 62,000-64,000.
On Friday, the U.S. Securities and Exchange Commission (SEC) gave Nasdaq the green light to list and trade options for the iShares Bitcoin Trust, a Bitcoin ETF whose shares track the price of BTC. Analysts say the introduction of options will make Bitcoin a more functional investment asset across the board. BTC’s characteristics, combined with options, could provide the potential for upside volatility.
On-chain data advises caution for now. Over the last few days of Bitcoin’s uptrend, activity on the Bitcoin network has increased. This could potentially bring back selling pressure. There has been a significant increase in the movement of coins across different age groups during this latest leg of the rally, with continuous transfers occurring on the BTC network. As more transfers occur on the network, BTC’s upward momentum is starting to slow.
