Kong Jianping: Bitcoin Price Drivers Have Shifted
- Shift in Price Drivers: Kong Jianping highlights that the primary force behind Bitcoin's price increase has shifted from the previous “cognitive diffusion” to a fundamental change in supply-demand balance, indicating an evolving market structure that may lead to future price increases without relying on new trends.
- Impact of Institutional Investors: With the introduction of Bitcoin ETFs and the rising share of institutional investors, circulating Bitcoins are beginning to transform into “dormant” assets, which reduces the number of sellers in the market, potentially leading to structural upward pressure on prices.
- Reshaping Supply-Demand Balance: Kong compares this change to gold entering central bank balance sheets, emphasizing that the phenomenon of long-term locked assets will further influence market dynamics, allowing Bitcoin prices to continue rising without new narratives.
- Future Price Expectations: The analyst suggests that as the amount of tradable Bitcoin decreases, the upward pressure on prices will become more structural, indicating that future bull markets may unfold differently, reflecting long-term market confidence in Bitcoin.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36391.603 | 48195.801 | 61127.353 | 72931.551 | 85863.103 | 97667.301 | 110598.853 |
| Fibonacci | 48195.801 | 57644.858 | 63482.495 | 72931.551 | 82380.608 | 88218.245 | 97667.301 |
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