Cryptocurrency

US and EU lead Bitcoin’s price action

Zegex

After weeks of flattening, Bitcoin finally made a positive move and broke the $20,000 resistance. At press time, BTC indicated that he was at $20,745 and could be closer to $21,000.

Bitcoin
Graph showing Bitcoin price in October 2022 (Source: CryptoSlate Bitcoin)

Bitcoin’s rise could be the result of significantly increased buying pressure from the US and EU markets, which have shown little interest in Bitcoin over the past few months.According to data from glass nodethe US and EU have bought BTC for the first time since August 16th.

Historically, increased buying pressure in these two markets has been correlated with higher prices.

US BTC price
A chart showing changes in the US MoM price of Bitcoin (Source: Glassnode)
USEU BTC Price
A chart showing changes in the EU MoM price of Bitcoin (Source: Glassnode)

To determine when the market “buys” Bitcoin, Glassnode uses Bitcoin’s monthly price change indicator. This metric shows 30-day changes in regional prices set during US and EU business hours.

Regional pricing is constructed by allocating regions based on working hours in various markets such as Europe, Asia, and the United States. A cumulative total of price changes over time is calculated by region to indicate whether traders are buying or selling Bitcoin.

Posted In: Bitcoin, Price Watch

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