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Is Bitcoin a good short here?

Is Bitcoin a good short here?

Bitcoins price action is trading above a significant level of support - $64,616 - a retest of this price point is probable.

Bitcoin Insider
September 28, 2024 • Estimated Reading Time: 4 minutes

The chart is currently consolidating on the lower timeframe above a key support level. Breaking this levels bearish will confirm a Failed Auction of the highs - this will be a bearish sign.

In recent news events, Bitcoin a ‘risk-on’ asset? BlackRock says think again - Bitcoin’s long-term correlation with the stock market is “close to zero,

Today’s update will also include:

Updated Technical Analysis
Other key market developments
Daly Wisdom

Bitcoin Price Analysis

Bitcoin is trading at a clear resistance that being the high time-frame channel high. A confirmed rejection here will mark the beginning of a down-trend in price action. This will mean that $45,200 becomes a prime target.

It is important to note that price action is consolidating at a resistance level where more sideways price action is likely to occur. A bearish expansion has a higher probability of occurring as long as price action remains trading at resistance.

The channel low support being tested will offer a great buying opportunity from a swing trading perspective. Once Bitcoin trades towards this level, it must hold the region and formulate a bullish market structure for a reversal back up.

Bitcoin Insider will continue to monitor these time sensitive price development for the next update.

Bitcoin a ‘risk-on’ asset? BlackRock says think again

According to Robert Mitchnick, a crypto executive at BlackRock, the crypto industry has made a misstep by convincing investors that Bitcoin is a “risk-on” asset, similar to stocks, despite its minimal long-term correlation with the stock market.

Mitchnick, speaking on Bloomberg TV, pointed out that some crypto publications and analysts have wrongly concluded that since Bitcoin is inherently risky, it should behave like equities. However, he clarified that Bitcoin's long-term correlation with stocks is "close to zero," much like gold, a traditional asset it's often compared to.

He noted that gold exhibits similar patterns, with occasional short-term spikes but minimal long-term correlation to the stock market.

BlackRock, the largest asset manager globally with nearly $11 billion in assets under management, was initially cautious about Bitcoin. However, its CEO Larry Fink has since expressed optimism, emphasizing the potential of "tokenizing" traditional assets on blockchains as the future of financial markets.