Majority of Crypto Investors Plan to Increase Holdings, Schwab Survey Shows
A Charles Schwab survey finds 60% of crypto investors plan to increase holdings, outpacing other asset classes. One in five Americans own crypto.
Bitcoin fell below its 100 and 200-hour moving averages, giving sellers short-term control as it tests support near $82,833.
Over the past few sessions, Bitcoin attempted to push above the resistance zone from $85,578 to $87,374, but failed to sustain a breakout above the top.
On Friday, the price hit $87,144, barely missing the top. Monday's peak came in at $86,969, and the most recent session saw a high of $86,677 before turning lower. The pattern of declining highs indicated the upward move was weakening.
Buyers were given an opportunity. They failed to capitalize.
The breach of the moving averages propelled sellers forward.
Even after failing to break resistance, buyers found support at the rising 100-hour moving average and the rising 200-hour moving average. Those averages sustained the rebound.
The situation shifted during the current session.
Bitcoin dropped beneath both MAs, turning the near-term outlook bearish. As support crumbled, selling pressure increased, driving the price down to $82,734. That level lies near the top of the next support zone spanning $81,517 to $82,833.
Sellers are in charge, but they still face a challenge.
The MA breakdown is a victory for bears. But holding that advantage demands further effort.
The $81,517–$82,833 zone is the critical next level. With price near its upper edge, the area is being tested. Sellers must break below $81,517 and hold under it to confirm their control. Such a move would reinforce the bearish view and allow more downside.
On the other hand, if buyers can defend support in this zone and climb back above $82,833, they would gain a base for a rebound. In that case, the previously breached MAs would serve as resistance targets.
The 200-hour moving average is at $84,799
The 100-hour moving average is at $85,269
A rise above the 200-hour MA would start to fix the technical picture. Reclaiming both MAs and holding them would flip the near-term outlook back to bullish.
For now, sellers keep the upper hand.
For traders learning, the key takeaway is that support levels define risk, but recovery requires renewed buying.
Newer traders should note that resistance failures gain significance when support eventually gives way. The declining peaks served as a caution. The current session's drop below the MAs provided the trigger.
The lower support zone offers buyers a reference point to manage risk. But merely holding support is not enough. To demonstrate renewed strength, buyers must recapture the lost MAs.
If the swing area holds, buyers can reorganize. A decisive break below $81,517 would reinforce bearish control.
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Disclaimer: this article comes from third-party media and is provided for reference only. It does not constitute investment advice. Crypto and other financial products carry significant price volatility risk, so please make your own decisions carefully.
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