The Current State of Bitcoin: Price Levels, Resistance, and Blockchain Activity
Bitcoin (BTC) continues to show upward momentum and is gradually moving away from its familiar price range in which it has mainly traded over the past month. As the price action becomes more interesting, this article will provide an update on the current state of affairs in the world of Bitcoin. It will cover important price levels to watch and what the future holds for Bitcoin.
Bitcoin Rises and Encounters Resistance
Yesterday, the Bitcoin price slowly climbed higher and reached a peak of just under $26,800 at around 17:00 in the afternoon. However, despite multiple attempts, it was unable to break through this level. A slight correction followed, but further decline was prevented by the $26,500 level.
An important resistance level is currently set at $26,700, which seems to be quite strong for now. If the price convincingly breaks through this level, things could accelerate rapidly. The next resistance level is around $28,000.
The fact that Bitcoin has reached a new milestone is also evident on the blockchain. Crypto analysis platform Santiment recently reported on X (formerly known as Twitter) that investors are currently taking their profits to a significant extent. More profits have been taken in the past two months than ever before. Additionally, the number of daily active addresses is currently at its highest point in the past five months.
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📈 #Bitcoin has continued to see 5-month high levels of unique address activity, with an average of 1.1M $BTC addresses sending and receiving coins per day. The +5% price rise over the past 3 days has also caused profit taking to hit a 2-month high today. [Link to tweet]
At the time of writing, Bitcoin is battling with the resistance level of $26,700. On the crypto exchange Bybit, the BTC price is $26,640. On the Dutch crypto exchange Bitvavo, the BTC price in euros amounts to €25,003.
XRP in the Spotlight After Price Increase
XRP, the cryptocurrency of Ripple, has experienced the highest percentage increase among the top 10 cryptocurrencies in the past 24 hours. At the time of writing, the price has risen by 4%, bringing it back above $0.50.
The rest of the major players in the cryptocurrency market are also showing green numbers. TRON (TRX) has increased by 3.48%, while Cardano (ADA) and Solana (SOL) have both risen in value by 2.75%.
Interesting Gold Development: China’s Continued Accumulation
An important development is taking place in the world of precious metals. BRICS, an economic coalition consisting of China, Russia, Brazil, India, and South Africa, recently announced plans for a gold-backed currency to challenge the dominant position of the US dollar on the world stage. The BRICS countries have been accumulating gold on a massive scale this year, with China leading the way.
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Gold SWOT: China’s Gold Reserves Rose in the Month of August
By Frank Holmes
People’s Bank of China added about 29 tons to its gold reserves in August, its 10th consecutive monthly purchase, diversifying China away from the U.S. dollar. [Link to tweet]
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In August, the gold reserves of the People’s Bank of China, the central bank of the Asian powerhouse, increased for the tenth consecutive month. Specifically, China added 29 tons to its gold reserves. The gold price in Shanghai has also reached a new all-time high, while the central bank is easing monetary policy.
Investing in gold has become even more attractive thanks to GoldRepublic, a Dutch company that offers a welcome gift of 1 gram of gold (worth approximately €60). If you create an account through this link and purchase €100 worth of gold, silver, or platinum, you will receive this gram of gold for free.