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Bitcoin Update: 200-Day SMA, Dropping Supply on Exchanges, El Salvador, $100K by Mid 2022?

Bitcoin Update: 200-Day SMA, Dropping Supply on Exchanges, El Salvador, $100K by Mid 2022?


This article provides an overview of Bitcoin’s latest price action, news, and commentary by influencers, analysts, traders, and investors as of Saturday (September 11).

Latest Price Action

According to data by TradingView, on crypto exchange Bitstamp, currently (as of 10:55 UTC on September 11), Bitcoin is trading around $45,672, i.e. hovering around its 200-day simple moving average (SMA), which is $45,903.

Although at 07:45 UTC (on September 11), the $BTC price fell as low as $44,828, which is the current intraday low, since then Bitcoin has been rallying toward its 200-day SMA.

$BTC Supply on Exchanges

Blockchain data and intelligence provider Glassnode pointed out a few hours ago that the total amount of $BTC held on exchange addresses has reached a 3-year low of around 2.47 million $BTC.

Yesterday (September 10), Ki Young Ju, the CEO of South Korean blockchain analytics firm CryptoQuant, which examines the same kind of data as Glassnode, also commented on this on-chain metric, and said that this low £BTC balance could lead to “another sell-side liquidity crisis”, which would obvious help to push the price of Bitcoin higher.

Transition to Bitcoin in El Salvador




On Thursday (September 9), Bancoagricola, which is part of Grupo Bancolombia and which is one of the largets banks in El Salvador, announced that it has “enabled bitcoin payments for consumer and merchant customers through a new partnership with Flexa, the world’s leading pure-digital payments network,” and that via this partnership it is now “accepting bitcoin (BTC) across its network for payments toward loans, credit cards, and merchant goods and services in compliance with the new ‘Bitcoin Law effective September 7.”

What this means is that Bancoagrícola customers can now “use any Flexa- or Lightning-enabled wallet app to pay bitcoin for US dollar–based loans and credit card payments at the exact fair market rate, without any additional fee or spread.”

$BTC Medium-Term Price Target

Simon Dedic, who is Co-Founder and Managing Partner at Moonrock Capital, a blockchain advisory and investment partnership based in London and Hamburg”, believes that the Bitcoin price will reach $100,000 by the middle of next year at the latets.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Photo by “SnapLaunch” via Pixabay



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