Bitcoin Turns Around $47K, How’s September?

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2021-11-04 14:40:11

Bitcoin seems to be moving sideways around $46,000 to $49,500. Last day BTC fluctuated around 47,100 USD. Other altcoins also fell. SOL alone continued to grow and reached a new peak at $120.

After a period of decline because miners in China were suppressed by the government of this country, the mining speed has now recovered.

The adjusted mining speed increases and the mining difficulty also increases. Along with the price increase, miners continue to accumulate and show no signs of selling. This is a sign that miners believe BTC will continue to grow and accumulate.

Currently, the price of BTC at Coinbase Pro exchange is higher than that of Binance (Coinbase Pro Premium Gap index). Large investors, institutional investors mainly buy BTC in bulk via Coinbase Pro. When the price of Coinbase Pro is higher than that of Binance, it shows an increase in buying power from US institutions. Recently, when the price of BTC went down and grew again, the above index rose again and showed signs of increasing buying power from institutions.

The amount of BTC deposits on regular exchanges does not have large fluctuations. Regarding the Funding Rate index of BTC, there is growth and more bias towards Long orders, but the difference is very low.

Statistics of the previous month’s average price movement compared to 2021 show that from the beginning of the year to now, most of the months have fluctuated opposite to the previous average volatility value of BTC. Through this, September average fell many people hope that September of 2021 BTC price will increase.

The BTC price at $48,000 at the moment and this past February has many differences as pointed out by Dylan Leclair. At the moment, the buying power of GBTC shares, as shown by the Grayscale Premium index, is much lower than in February. At the same time, February shows signs of profit-taking by long-term investors. Long orders on the majority of the market and a series of long orders were liquidated, causing the price to go down.

At this point, the buying power of GBTC is at a low level and Grayscale Premium is at a negative level. Bitcoin used as collateral on margin exchanges, futures fall. Long-term investors are continuing to accumulate.

Jack Dorsey is planning to build an open platform to create a decentralized exchange for bitcoin via TBD. TBD is a unit of Square, the payments company founded by Dorsey and current CEO. Currently, Bitcoin is mostly bought through centralized exchanges so Jack Dorsey wants to create a decentralized exchange for this number one cryptocurrency.

Frank Downing’s share on Twitter about a statistic that shows that the interest of large institutions investing in NFT has increased sharply since Q1-2021.

Meanwhile, there are billionaires like billionaire hedge fund manager John Paulson, famous for shorting the US housing market, who still say Crypto is a bubble and “worthless”. However, he did not short for fear of being liquidated. Or before that there was Peter Schiff, who advocated and said Bitcoin has no value.

Some people say that they speak badly about Bitcoin to push the price down and buy. Otherwise, the opponents are also the driving force for the market to thrive and show just the opposite.

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