Bitcoin Price Holds Above 50% Fibonacci Level as NYDIG Calls BTC the Top Performer of the Year
The price of Bitcoin (BTC) has seen a significant increase this year, rising 68% since its low of $16,507 on January 1. It is currently trading above the 50% Fibonacci retracement level of $24,217 and has been rejected from the 78.6% Fibonacci retracement at $28,628. However, it is still holding above the 70.5% Fibonacci retracement at $27,379. The Relative Strength Index (RSI) is above 50 and the Awesome Oscillator (AO) is still in positive territory, indicating that the bulls still have a chance.
According to NYDIG, a subsidiary of Stone Ridge, Bitcoin remains the top-performing asset class of the year. Its report shows that BTC has seen a staggering 63.3% increase year-to-date, outperforming stock market indices, equities, corporate bonds, and US Treasuries. This makes Bitcoin the best performing asset class when it comes to returns.
In the past, Bitcoin has performed poorly during Q3, retracing back to the mean position around September before rebounding. Despite this, the crypto community is still hopeful for a catalyst that could trigger a significant price increase. Many are looking to the US Securities and Exchange Commission (SEC) for the approval of Bitcoin Spot Exchange-Traded Funds (ETF). The commission has been delaying its decision, leaving market onlookers waiting for the BTC halving, which is expected to occur around April 2024.
The entry of BlackRock, the world’s largest asset manager, into the race for Bitcoin ETF approval has brought further optimism. BlackRock has a strong record of getting ETFs approved by the SEC, leading experts to believe that the financial regulator may grant approval. However, Binance CEO Changpeng Zhao has warned impatient Bitcoin holders that they may have to wait longer than expected for a price rally after the halving.
In conclusion, Bitcoin’s price is holding above the 50% Fibonacci retracement level and continues to perform well as the top-performing asset class of the year. While the SEC’s decision on Bitcoin ETFs remains uncertain, the crypto community is eagerly awaiting the BTC halving as a potential catalyst for a price increase.