Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
It was a choppy pre-market morning for equity index futures after Consumer Price Index data marked the first decline in inflation since 2020. S&P 500 futures surged above the 4,000 mark heading in to the report, then fell 1.6% in a matter of moments to hit intraday lows near 3,953 before rebounding.
Despite the short-term volatility, the contract still failed to crack two important sources of resistance: the long-term downward trendline beginning with the December highs near 4,808 and going across the highs from March and August, and the 252-day Exponential Moving Average near 4,025.
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Markets are also fading a bit after the open, so it seems little has changed in the broader picture. The /ES also now finds itself brushing against the yearly Volume Profile Point of Control near 4,018, which is the area of heaviest trading during the given time period and also can be a significant source of potential support or, in this case, resistance.
All these things together could make for a tough uphill climb for the bulls. If price continues to fall, look for support near the confluence of the 21-day EMA and the 63-day EMA near 3,912.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.