2024-10-20 05:00 |
Bitcoin nearly reached $69,000 yesterday, setting a new local high and further solidifying the ongoing uptrend that began in September. This price action has fueled optimism among analysts and investors, who now anticipate significant gains in the coming weeks.
Investors believe Bitcoin is ready for a strong rally after seven months of sideways accumulation.
Critical data from Santiment reveals that the number of Bitcoin whales—large holders of BTC—grew substantially just as the price bottomed out around $59,000 on October 10th.
This increase in whale activity is often seen as a sign of “smart money” positioning for a major move. Large investors accumulating BTC during a low suggests that they are preparing for something big in the coming weeks.
As excitement builds, market participants watch closely for further signals that Bitcoin could be headed for new all-time highs. With momentum on its side, Bitcoin appears ready to lead the market into the next phase of this cycle.
Bitcoin Whale Activity Supports Bullish OutlookBitcoin is trading near the historically reactive price level of $70,000. A critical zone that has consistently acted as resistance, pushing the price down five times over the past seven months. Each time Bitcoin approached this level, it triggered sell-offs or corrections, leading to caution among traders and investors.
However, recent data from Santiment reveals that this resistance may be weakening due to increasing whale activity. Between October 10th and 13th, a net rise of +268 wallets holding between 100 to 1,000 BTC, signaling that large players are accumulating Bitcoin as the price rallies.
Analysts often see an increase in whale wallets as a strong bullish indicator, suggesting that influential investors are positioning themselves for potential upside in the coming months.
The timing of this accumulation is crucial, as it coincides with Bitcoin’s upward momentum, signaling that these big players expect further gains. As more large holders continue to enter the market, the window to buy Bitcoin at a favorable price narrows.
This accumulation suggests that whales are betting on a sustained bull run, potentially weakening the $70,000 resistance level and allowing Bitcoin to push higher.
With Bitcoin trading near this critical price zone, the next few weeks could be decisive, either breaking through $70,000 or facing another correction.
BTC Testing Supply LevelsBitcoin is trading at $68,383 after several days of consistent highs, steadily pushing toward new supply levels. The price recently halted at $68,998 and now appears primed for a challenge to new all-time highs.
This surge has created a wave of optimism, but analysts caution that a healthy retrace may be on the horizon.
The 200-day moving average (MA), currently sitting at $63,322, is a key level to watch. If Bitcoin retraces to this support zone, it could signal strength for a renewed push higher, as this level has historically acted as a strong support during uptrends. Holding above the 200-day MA is crucial for maintaining bullish momentum.
If Bitcoin fails to break above the $70,000 resistance in the coming week, a retrace to lower demand is expected. This pullback would allow the market to regain liquidity and reset for a potential new rally.
Investors are closely watching as the price action in the next few days will determine Bitcoin’s long-term outlook.
Featured image from Dall-E, chart from TradingView
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