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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin’s Bull Rally Hinges On $57K Support Level—Here’s Why It Matters

Samuel Edyme
Samuel Edyme
6 months ago
3 mins read
Bitcoin Bull Rally Hinges on $57K Support Level—Here’s Why It Matters

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Este artículo también está disponible en español.

Bitcoin (BTC) has continued its ascent in recent weeks, reclaiming major highs. However, recent analysis suggests that the $57,000 level could be one of the most critical support points for the ongoing bull rally.

This insight comes from a CryptoQuant analyst, Burak Kesmeci, who highlighted the role of Bitcoin Spot Exchange-Traded Funds (ETFs) in shaping the market stance.

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6 months ago

Bitcoin Resilience At The $57,000 Level

Spot ETFs have emerged as a major instrument in the Bitcoin ecosystem, offering a regulated entry point for institutional investors. According to Kesmeci, the average cost of Bitcoin Spot ETFs has been a key support level throughout 2024, providing a foundation for the asset’s price stability.

This level is pegged at $57,000 and has held firm throughout the year, with only two significant exceptions. The $57,000 price level is significant because of its technical support and the psychological implications for Spot ETF investors.

Could the Average $BTC Spot ETF Cost (57K) Be the Most Crucial Support Level in the Bull Rally?

“The price of #Bitcoin managed to stay above this level throughout the year, with only two exceptions.” – By @burak_kesmeci

Full post 👇https://t.co/troZDKwKNw pic.twitter.com/IWqNJ2L6Kg

— CryptoQuant.com (@cryptoquant_com) October 16, 2024

Bitcoin’s price dipped below this support level twice in 2024. The first instance was in early August, driven by Japan’s market turbulence, and the second in September due to a sharp price correction.

Despite these market shocks, Spot ETF investors did not react with panic selling. Kesmeci wrote:

Bitcoin Spot ETF investors proved, contrary to the expectations of many, that they are not weak hands.

Foundation Set For Positive Move

According to the CryptoQuant analyst, these investors demonstrated resilience by holding onto their investments, even when unrealized losses mounted. Their ability to withstand market pressure contrasts with typical behavior in other speculative sectors, where sudden price drops often lead to mass sell-offs.

This suggests that Spot ETF investors have grown more comfortable with Bitcoin’s inherent volatility, recognizing its long-term potential.

The analyst highlighted that minor outflows during these turbulent periods were not significant enough to disrupt the broader market.

Even during Japan’s “carry trade” crisis, where many expected a stronger market correction, the overall sentiment among Spot ETF investors remained calm.

Bitcoin ETF Realized Price.
Bitcoin ETF Realized Price. | Source: CryptoQuant

In conclusion, Kesmeci noted:

As you can see from the chart above, the average cost of Bitcoin Spot ETFs has become perhaps the most crucial support level in the 2024 bull rally. With this long-term perspective, the contribution of Spot ETFs to the Bitcoin rally has laid a solid foundation for the potential developments in the market’s future.

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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