Bitcoin’s Bullish Momentum Faces Critical Test Amid Satoshi-Era Wallet Activity

2024-11-19 09:07

Bitcoin’s price action has captured significant attention as the TD Sequential indicator recently flashed a sell signal on the daily chart.

However, this bearish signal is at risk of being invalidated. If Bitcoin ($BTC) manages to secure a daily close above $91,900, analysts suggest the cryptocurrency could rally toward $100,680, fueled by increasing bullish sentiment.

The TD Sequential recently presented a sell signal on the #Bitcoin daily chart. But now it is at risk of invalidation. If $BTC can print a daily close above $91,900, it could rise toward $100,680! pic.twitter.com/oTLyn36yRR

— Ali (@ali_charts) November 16, 2024

A surge in buy pressure for $BTC on Binance in the past few hours signals growing optimism among traders. This trend suggests that upward price movement might be on the horizon as Bitcoin approaches critical resistance levels.

A significant spike in #Bitcoin $BTC buy pressure on #Binance in the last few hours signals growing bullish sentiment, suggesting upward price movement could be ahead. pic.twitter.com/xE80uzgcbH

— Ali (@ali_charts) November 16, 2024

Adding to the excitement, a Satoshi-era Bitcoin wallet, dormant for 14 years, has suddenly come back to life. The wallet, containing 2,000 $BTC valued at approximately $178 million, began moving funds over the past 24 hours. The owner transferred significant amounts to major exchanges, including:

– 1,038.87 $BTC ($92.93M) to Coinbase. – 591.46 $BTC ($52M) to BitFlyer. – 369.66 $BTC ($33.04M) to Bitstamp.

Yesterday, a Satoshi-era Bitcoin wallet holding 2,000 $BTC ($178M) woke up after 14 years of dormancy!

In the past 24 hours, this wallet has deposited all its $BTC to exchanges, including:
• 1,038.87 $BTC ($92.93M) to #Coinbase
• 591.46 $BTC ($52M) to #BitFlyer
• 369.66 $BTC… pic.twitter.com/fDIzQX8Dqj

— Spot On Chain (@spotonchain) November 16, 2024

This activity has raised speculation about potential market impacts, with some wondering if the wallet’s owner plans to liquidate or reposition their holdings.

Institutional Interest In Bitcoin Grows Massively 

Meanwhile, institutional interest in Bitcoin continues to grow. BlackRock’s Bitcoin ETF, launched just 211 days ago, has reached an impressive $40 billion in assets under management. This milestone marks the ETF as one of the fastest-growing financial products in history, achieving nearly six times the growth pace of the previous record-holder. The iShares Bitcoin Trust (IBIT) is now among the top 1% of ETFs by asset size, underscoring the increasing mainstream adoption of Bitcoin.

Blackrock's Bitcoin ETF has reached $40 billion in assets just 211 days since launch, nearly 6 times faster than the previous record. IBIT has now entered the top 1% of ETFs by assets pic.twitter.com/NQFkYmCZhs

— IntoTheBlock (@intotheblock) November 16, 2024

As these developments unfold, the crypto market eagerly awaits Bitcoin’s next move, with $91,900 serving as a crucial level to watch.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter  @nulltxnews  to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and  Metaverse news !

Image Source: fellowneko/123RF // Image Effects by Colorcinch

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