Bitcoin has surged past its all-time high again, reaching an impressive $108,300 and solidifying its position as the market leader. This rally marks a continuation of Bitcoin’s push into price discovery, fueled by growing investor demand and positive global market sentiment. Notably, many major markets, including U.S. stocks and gold, are also experiencing upward momentum, […]
Amid its historic price action, Bitcoin (BTC) has quietly hit a new all-time high (ATH) against gold. The insight was highlighted by veteran trader Peter Brandt in an X post. Bitcoin Hits New ATH Against Gold: Room For Further Growth? Brandt’s analysis revealed that the BTC-to-gold ratio has reached a new ATH of 32.19 ounces of gold per BTC. In his post, the seasoned trader also took a subtle dig at long-time gold advocate Peter Schiff, a vocal Bitcoin critic. Related Reading: Bitcoin Price Surge In 2024 Not Enough To Beat Gold’s Risk-Adjusted Returns – Details Here For those unfamiliar, the BTC-to-gold ratio measures Bitcoin’s performance relative to gold, showing how many ounces of gold are needed to purchase one whole BTC. This metric underscores Bitcoin’s growing dominance as a store of value. Brandt further noted that the next target for Bitcoin is 89 ounces of gold per BTC, suggesting significant room for Bitcoin to grow against the precious metal. This aligns with the broader narrative within the crypto industry that Bitcoin is poised to challenge gold’s $15 trillion market cap. It’s worth recalling that Brandt previously predicted Bitcoin would rise 400% relative to gold by 2025. Back in October, he projected that BTC could reach the equivalent of 123 ounces of gold based on historical market patterns. A recent report by trading firm Bernstein added weight to this narrative, forecasting that Bitcoin is on track to replace gold as the preferred safe-haven asset within the next 10 years. As of now, BTC boasts a market cap of $2.11 trillion, steadily closing in on gold’s dominance. Similar forecast was made by one of the earliest Bitcoin advocates, Eric Voorhees. The CEO of ShapeShift crypto exchange made a bold prediction, saying that unlike gold or oil, BTC’s digitally-programmed supply scarcity will drive its price upwards. Additionally, Nate Geraci, President of the ETF Store, predicts that Bitcoin-based exchange-traded funds (ETFs) could surpass gold ETFs in total assets under management within the next two years. Supporting this outlook, data from SoSoValue indicates that cumulative net inflows into all spot BTC ETFs currently stand at $35.6 billion, compared to gold ETFs, which sit at $55 billion. Implications Of A Potential BTC Strategic Reserve With BTC surpassing the pivotal $100,000 price level, speculation has grown regarding President-elect Donald Trump’s approach to digital assets. Industry experts believe that Trump may prioritize Bitcoin adoption early in his second term, further boosting BTC’s price. Related Reading: BlackRock Declares Bitcoin The New ‘Gold Alternative’ – Here’s Why Data supports this optimistic view. According to crypto analyst Ali Martinez, the number of BTC whales – wallet addresses holding more than 1,000 BTC – has skyrocketed since Trump’s election victory. This optimism is further fuelled by speculation surrounding a potential US strategic Bitcoin reserve. Prominent financiers argue that if the US were to create such a reserve, China and other nations would likely follow suit to remain competitive. At press time, BTC trades at $106,909, up 3.7% in the past 24 hours. Featured image from Unsplash, Charts from X and TradingView.com
An interest rate cut by the Federal Reserve could help Bitcoin finish the year at “record-breaking levels,” according to Bitfinex’s head of derivatives.
Bitcoin has experienced significant volatility in recent weeks, struggling to maintain its position above the $100,000 mark after breaching it last week. Despite the choppy price action, Bitcoin’s long-term outlook remains robust, with key metrics pointing to continued institutional and smart money interest in the asset. Related Reading: Ethereum Breaks Multi-Year Bullish Pennant – Strong […]
Since breaking it last week, Bitcoin is grappling with the $100,000 milestone, struggling to stay above this critical level. Despite the price facing resistance, Bitcoin continues to show strength, signaling potential for further upward momentum in the near term. Investors and analysts are watching closely as the market seeks confirmation of its next move. Related […]
Bitcoin’s historic $100,000 milestone comes despite sluggish momentum in oil, gold and the S&P 500 index.
Based on its correlation with the liquidity index, Bitcoin may reach a local peak of above $110,000 by January.
Bitcoin has been consolidating below the $100,000 level for twelve consecutive days, marking a pause in its recent historic rally. The aggressive surge since November 5 appears to be cooling off, with market attention gradually shifting toward altcoins. Despite the slowdown, Bitcoin remains a cornerstone of market strength, holding firmly above the critical $90,000 support level. Related Reading: Dogecoin Whales Keep Buying – DOGE Metrics Reveal Demand Remains Strong Key data from CryptoQuant highlights two significant outflows exceeding 8,000 BTC each from Coinbase in the past 24 hours, signaling sustained institutional interest and potential accumulation. These outflows suggest that major players remain optimistic about Bitcoin’s long-term trajectory, even as short-term price action steadies. As Bitcoin maintains its consolidation phase, the broader crypto market is poised for dynamic changes. Analysts are closely watching whether this stabilization period will pave the way for BTC’s next leg upward or signal an opportunity for altcoins to take the spotlight. The next few days will be crucial in determining whether Bitcoin reclaims momentum or continues its current range-bound movement. Bitcoin Leading A Heated Market Bitcoin continues to lead the crypto market with remarkable gains, even as it halts just below the highly anticipated $100,000 level. The current pause in its rally has triggered a liquidity shift, gradually pumping capital into the altcoin market. However, analysts and investors anticipate that Bitcoin may slow down in the short term after its aggressive recent surge, providing an opportunity for other cryptocurrencies to shine. Metrics from CryptoQuant highlight notable activity on Coinbase, where two massive outflows, exceeding 8,000 BTC each, were recorded in the last 24 hours. A total of 19,487 BTC, valued at an average price of $96,043, was withdrawn in these transactions, amounting to approximately $1.87 billion. Such significant movements indicate the involvement of institutional players or whales who may be positioning themselves for Bitcoin’s next major move. Historically, market dips have followed similar outflows, as large transactions often signal profit-taking or redistribution of holdings. However, these transactions could also suggest growing confidence among major investors in Bitcoin’s long-term potential. Related Reading: XRP Reaches 6-Year High – Whales And STH Accumulate Together If BTC maintains its position above $90,000 and demand continues to build, the market may see a renewed push toward six-figure territory in the weeks ahead. Price Levels To Watch Bitcoin is trading at $96,700, continuing a range-bound movement between $93,500 and $98,700 without establishing a clear direction. This consolidation follows a period of aggressive rallies, with BTC approaching but not yet surpassing its all-time high. Market participants are closely watching the $90,000 mark, which has proven to be a critical level of support. Holding above this level has been essential in signaling market strength and sustaining bullish momentum. If Bitcoin maintains its position above the $95,000 mark over the next few days, the likelihood of a breakout to new all-time highs becomes significantly stronger. A stable consolidation above this level would fuel buyers to push BTC past the psychological $100,000 barrier. Conversely, losing the $95,000 support would raise concerns, potentially prompting a test of the $90,000 level again. Should this key level fail, Bitcoin could experience a deeper correction with lower support zones. Related Reading: Cardano Could Be Heading For A 20% Correction – Technical Data Signals Bearish Price Structure Bitcoin’s ability to remain above $95,000 will be crucial in determining its next move. Bulls are eyeing another upward push, while bears are looking for signs of exhaustion to capitalize on. Featured image from Dall-E, chart from TradingView
Bitcoin could rise to the $110,000 mark if it manages to breach $98,000, resulting in more buyer demand for the world’s first cryptocurrency.
Bitcoin price rallied over 58% since May, when the M2 money supply turned positive year-over-year for the first time since November 2023.
Bitcoin has been on a remarkable upward trajectory, pushing above the $96,000 mark for several days after consolidating below the psychological $100,000 level. As the leading cryptocurrency, Bitcoin has consistently broken all-time highs over the past three weeks, with yesterday marking a milestone weekly close at $98,000—the highest in its history. Related Reading: XRP Analyst Sets $2 Target If It Holds Key Level – Can It Reach Multi-Year Highs? CryptoQuant analyst Axel Adler shared an insightful analysis on X, emphasizing that Bitcoin’s recent attempt to dip below $95,000 met with significant resistance, reinforcing the strength of current support levels. According to Adler, the market is now poised for a critical test of the $100,000 mark, a barrier that could catalyze further bullish momentum or signal a short-term consolidation phase. With Bitcoin’s bullish trajectory showing no signs of slowing, traders and investors are closely watching for a breakout above $100,000. Such a move could ignite broader market optimism and drive renewed interest in altcoins, potentially shaping the next phase of the crypto market’s growth. However, failure to break above this key level might trigger a healthy correction, setting the stage for a more sustainable rally. Bitcoin Price Action Remains Strong Bitcoin’s price action has remained exceptionally bullish despite a recent retrace from $99,800 to $95,800—a minor dip of less than 4%. Investors widely see this pullback as a brief consolidation phase before a potential breakout above the pivotal $100,000 mark. The resilience demonstrated during this retrace has bolstered confidence among market participants, with many viewing it as a healthy pause in an ongoing uptrend. Renowned CryptoQuant analyst Axel Adler weighed in on the recent market movements via X, sharing a technical analysis that reinforces Bitcoin’s robust bullish structure. Adler highlighted that pushing BTC to lower demand levels was unsuccessful, further solidifying current support zones. According to his insights, the stage is now set for Bitcoin to finally test the critical $100,000 area and gauge the market’s reaction at this psychological threshold. As BTC approaches this milestone, investor sentiment appears divided. Many traders view the $100,000 level as an ideal price to begin taking profits, citing historical patterns of pullbacks after significant round-number milestones. Related Reading: Avalanche Soars 20% In 24 Hours – Analyst Reveals Next Price Target However, others remain optimistic about Bitcoin’s continued strength, forecasting a potential surge beyond $100,000. Predictions for the rally’s peak range between $105,000 and $120,000, reflecting a broader belief in the cryptocurrency’s long-term potential. Whether Bitcoin consolidates or continues climbing, all eyes remain on its next moves. Bullish Weekly Close Could Send BTC Higher Bitcoin has achieved its highest weekly close in history, recording an impressive $98,000. This milestone is a technical achievement and a critical psychological boost for market participants. It signals a strong bullish environment that could soon propel Bitcoin above the coveted $100,000 mark. The $98,000 level now serves as a robust support zone, and maintaining this price—or at least staying above $95,000—in the coming days will be pivotal. A breakout above these levels could propel Bitcoin towards $100,000 with significant momentum. Such a move would solidify Bitcoin’s uptrend and attract further interest from retail and institutional investors. Related Reading: Massive Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour However, continued consolidation below $100,000 remains a possibility. Bitcoin may take several weeks of sideways movement to gather the strength needed for the next leg up. While potentially frustrating for short-term traders, this consolidation phase would provide a healthy foundation for sustainable growth. Featured image from Dall-E, chart from TradingView
Bitcoin’s record monthly gains come eight days before the end of November — historically the most bullish month for Bitcoin returns.
Bitcoin has reached a new all-time high, tagging $97,900 just hours ago, as the market sentiment remains extremely bullish. This explosive rally has investors questioning how long this uptrend can be sustained and what lies ahead for the market leader. Bitcoin’s recent performance has drawn comparisons to its historic 2020 bull run, sparking excitement among […]
Bitcoin (BTC) has held steady above the $88,000 mark over the past few days, showcasing resilience as the broader market anticipates its next move. Price action remains robust, leaving investors waiting for lower prices frustrated, as BTC shows no signs of providing an easy entry point anytime soon. Related Reading: Dogecoin Breaking Out Of Falling Wedge Pattern – Analyst Reveals Target Key data from CryptoQuant reveals that long-term holders (LTHs) are currently in an active distribution phase, signaling increased selling activity from this group. Despite this, the market has absorbed the additional supply without significant price impact, highlighting the strong demand supporting BTC at these levels. As Bitcoin consolidates just below its all-time highs, traders and analysts are closely watching whether the current momentum will lead to a breakout or if a retracement is on the horizon. The balance between rising demand and LTH distribution will likely determine BTC’s near-term trajectory. Can Bitcoin Set New ATH This Week? Bitcoin is on the brink of breaking its all-time high (ATH) again this week, sitting just 2% below the $93,483 level set last Wednesday. Excitement is building as analysts and investors closely watch BTC’s price action, anticipating whether it will surge past this critical level or enter a prolonged consolidation phase. While the bullish momentum remains strong, the possibility of a sideways movement could keep the price range-bound for an extended period before the next significant move. Data from CryptoQuant analyst Axel Adler highlights that long-term holders (LTHs) are currently in an active distribution phase. Despite this, the increased supply has not significantly impacted Bitcoin’s price, thanks to strong demand that continues to absorb selling pressure. This dynamic reflects the robust market interest that is supporting BTC near its record highs. Adler’s analysis also points to the LTH Spending Binary Indicator, which signals peak spending activity among LTHs. At the same time, the growing LTH supply suggests that a portion of long-term holders remain confident in BTC’s future price potential. These factors create a unique environment where high demand offsets distribution, keeping the bullish momentum intact. Related Reading: Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation As Bitcoin flirts with its ATH, market participants await confirmation of whether the price will push into uncharted territory or pause for consolidation. The outcome will likely set the tone for BTC’s trajectory in the coming weeks, with investors betting on the continued upside in this resilient rally. BTC Price Action: Key Levels To Hold Bitcoin is trading at $91,820, following several days of sideways consolidation just below its all-time high (ATH). Despite the pause, BTC has maintained its position above the $87,000 support level since the last breakout, signaling its importance as a crucial line for bulls to defend. Holding this level is vital for sustaining upward momentum and setting the stage for Bitcoin to push into uncharted territory. However, a drop below $87,000 could shift market sentiment, likely triggering a correction as BTC searches for fresh demand. The next logical support zone lies around the $80,000 mark, with the potential for a deeper pullback if selling pressure intensifies. Such a retrace would provide an opportunity for sidelined buyers but could temporarily stall BTC’s rally. Bitcoin’s price action remains robust, bolstered by demand that continues to outpace supply. This strong market interest has mitigated the impact of profit-taking and selling activity, keeping the broader uptrend intact. Related Reading: Solana Breaks Above Key Resistance At $225 – ATH Next? As BTC consolidates near its ATH, traders closely watch key levels to determine whether the next move will be a breakout to new highs or a dip to test lower support zones. Either outcome will likely shape Bitcoin’s trajectory in the coming weeks. Featured image from Dall-E, chart from TradingView
The Bitcoin market appears to have taken an intriguing turn as the asset’s reserves on centralized exchanges have hit the lowest levels since November 2018. This development, highlighted by a CryptoQuant analyst known as G a a h, points out a notable change in BTC’s investor behavior within the crypto space and also suggests quite an interesting trend for Bitcoin. Related Reading: Bitcoin Crosses $93,000 – Is There More Room for Gains or Are We Nearing a Peak? Bitcoin Reserves On Exchanges Reach Five-Year Low According to the analyst, Bitcoin reserves on exchanges have diminished significantly throughout 2024, reflecting a shift towards long-term holding strategies among market participants. This trend suggests that investors increasingly transfer their assets to private wallets, reducing the supply available for immediate sale and contributing to buying pressure in a market already constrained by supply. According to G a a h, this behavior indicates a broader sentiment shift, with market participants displaying increased confidence in Bitcoin as a store of value amidst “economic uncertainty and rising inflation.” By moving Bitcoin away from exchanges, investors reduce the likelihood of sudden sell-offs, which can lead to increased price stability. However, the reduced supply on exchanges may also lead to heightened volatility, especially if demand continues to grow or remains consistent. The CryptoQuant analyst noted: With that said, this scenario signals a potentially more volatile but more resilient Bitcoin market, with less selling pressure and a growing dominance of long-term holders, which could open up space for new price peaks. BTC’s Upward Momentum Cools Off Following an all-time high (ATH) of $93,477 on Wednesday, November 13, BTC has faced quite a noticeable correction, now down by 4% from this peak. So far, the asset has been unable to continue its upward momentum and appears to be seeing more sell-offs. When writing, Bitcoin trades below $90,000 with a current trading price of $89,779, down by 1.4% in the past day. This price decline resulted in roughly $49 billion subtracted from its market capitalization valuation on Wednesday. For context, as of today, BTC’s market cap sits at $1.775 trillion, a nearly 5% decrease from the $1.835 trillion valuation two days ago. Bitcoin’s daily trading volume dropped from over $100 billion earlier this week to below $85 billion. Related Reading: Binance Dominates As Bitcoin Futures Volume Hits New Peaks Amid Historic Price Rally Besides the implications on its market cap and trading volume, BTC’s decline has significantly impacted a handful of traders. According to data from Coinglass, in the past 24 hours alone, roughly 170,215 traders have been liquidated, bringing the total liquidations in the crypto market to $510.13 million. Out of these total liquidations, Bitcoin accounts for $132.43 million, with the majority of the liquidations coming from long positions—those who bet that the upward momentum would continue. Featured image created with DALL-E, Chart from TradingView
Bitcoin has continued its bullish momentum streak, reaching a new all-time high on November 13 and triggering a wave of activity across the crypto market. In particular, the futures market has been significantly impacted, with a surge in trading volume for the BTC/USDT pair. This increase has highlighted an intense period of market engagement, with leading exchanges, particularly Binance, at the forefront of this trading frenzy. Related Reading: Bitcoin Weekly RSI Entering Power Zone – Last Time BTC Soared 80% Record Trading Volumes And Market Volatility Risks A CryptoQuant analyst known as Crazzyblockk shared insights into the trading frenzy phenomenon, noting that the futures market for Bitcoin has become “exceptionally overheated.” According to the analyst’s recent post on the CryptoQuant QuickTake platform, trading volume has surged across both spot and futures markets on major centralized exchanges. The cumulative trading volume for BTC/USDT across all major platforms has reached an amount of roughly $129 billion, with Binance contributing a substantial $50.2 billion to this figure. The surge in futures trading activity has raised important questions about market stability and the potential for heightened volatility. As Crazzyblockk explained, when Bitcoin’s derivatives market experiences rapid growth, particularly in the futures segment, there is often a tendency for heightened market fluctuations. The CryptoQuant analyst added: While this can briefly boost demand, it often leads to minor pullbacks and sharp fluctuations. The analyst emphasized that the “overheated” state of the market warrants caution from investors and traders. In his words: Given the current climate, it would be wise for investors and traders to exercise caution, refrain from rushed speculation, and await a period of price stability before making further moves. Outlook On Bitcoin Bitcoin is facing a noticeable decline in price, dropping by 6.1% in the past day to a current trading price of $87,977. This ongoing drop in price comes after it recently achieved an all-time high above $93,000, as recorded yesterday. With BTC back to trading below the $88,000 region, the asset has now decreased 5.9% away from its peak. While the reason behind this ongoing correction is not certain, renowned crypto analyst Ali has recently highlighted an interesting BTC trend behind the scenes. Related Reading: Short-Term Bitcoin Holders Move Millions To Binance—Is A Market Correction Imminent? In a post uploaded earlier today on X, the analyst reveals that roughly $5.42 billion of Bitcoin profits has now been realized, pushing the asset’s sell-side risk ratio to 0.524%. Ali warned to “stay alert and proceed with caution.” Meanwhile, another analyst known as Javon Marks has also noted in one of his recent posts that while further upward momentum is still being witnessed with Bitcoin hitting a peak yesterday, “target now continues to be at $116,652 which is visioned to come at even greater speeds and with greater power than the first.” Some of the greatest, most precise, and simplistic analysis that you will probably see on #Bitcoin (BTC) and Crypto ♟️! December 2022 @ ≈$16,782, we noticed bullish signals as well as a price breakout holding which signaled to us the $67,559 target which at the time was over… https://t.co/qrJv2WPwnG pic.twitter.com/7ZkeUV13UY — JAVON⚡️MARKS (@JavonTM1) November 13, 2024 Featured image created with DALL-E, Chart from TradingView
The analyst’s predictions come shortly after Bitcoin staged the best weekly return since the 2023 US banking crisis.
Bitcoin has continued with its strong bullish momentum, trading at highs that have never before been seen. Today, the asset has achieved a new all-time high of roughly $93,477. This ATH was achieved not long ago following an earlier dip today to $85,000. However, at the time of writing, BTC has seen a slight pullback, now down 0.5% from its peak to currently trade at $92,544, albeit still up 5.6% in the past day. Related Reading: Is Bitcoin Now Overheating? Key Metrics Reveal Crucial Insights For Investors Bitcoin Finally At Its Peak? Amid the price surge in BTC, market analysts have offered their perspectives on Bitcoin’s potential trajectory. Crazzyblockk, a CryptoQuant analyst, addressed questions regarding whether Bitcoin has reached its peak by evaluating market profitability indicators. According to Crazzyblockk, two key metrics are essential for assessing Bitcoin’s profitability: the number of Bitcoin addresses currently in profit and the overall profitability rate for these addresses. The analyst observed that nearly all Bitcoin addresses are profitable, indicating heightened market risk. However, he also noted that current profit margins across different holding periods remain below those observed during previous bull markets, such as the 2019-2020 and 2021 uptrends, where profit margins reached 800-900%. Despite concerns about potential short-term price corrections due to elevated market risks, Crazzyblockk expressed confidence in Bitcoin’s long-term upward trajectory. He emphasized that strategies such as Dollar-Cost Averaging (DCA) and maintaining a long-term investment approach could benefit capital growth in this environment. More Room For Gains? In a separate analysis, CryptoQuant analyst Avocado Onchain highlighted miner activity and its implications for Bitcoin’s price movement. Avocado noted that some Bitcoin miners have already begun taking profits, but this does not necessarily indicate a weakening of Bitcoin’s overall upward potential. He pointed to the Miner Position Index (MPI), which tracks Bitcoin outflows from miners’ wallets relative to the annual average. A high MPI suggests increased miner selling activity, which can signal that Bitcoin’s price may be approaching a cycle peak. Related Reading: Short-Term Bitcoin Holders Move Millions To Binance—Is A Market Correction Imminent? So far, recent data showed a slight increase in MPI as Bitcoin reached new all-time highs. Avocado explained that this could represent early positioning for the next market cycle. By converting MPI to a 30-day moving average, clearer signals emerge regarding market cycles. The analyst identified patterns of profit-taking by miners near cycle tops, often followed by subsequent price increases and, eventually, longer-term downtrends. Avocado Onchain also highlighted additional data supporting the potential for further Bitcoin price growth. The hashrate and mining difficulty, key indicators of mining activity and network security, have reached new highs, reflecting strong miner participation and overall network health. This data, combined with continued market interest and growing liquidity, suggests that Bitcoin’s price could experience further upside in this cycle, as suggested by Avocado’s analysis. Featured image created with DALL-E, Chart from TradingView
In comparison, Bitcoin’s second-best daily gain occurred in August 2021, when the price rose over $7,576 in 24 hours, from $38,871 to $46,448.
Increasingly more analysts expect Bitcoin to breach the $100,000 mark before the end of 2024 as investor appetite was bolstered by Trump’s presidential victory.
Bitcoin is on a record-breaking run, reaching new all-time highs for three consecutive days following Donald Trump’s victory in the US election and a recent 25 basis point rate cut by the Federal Reserve. This combination of political and economic shifts has fueled a renewed wave of investor interest in BTC, driving prices into uncharted […]
Bitcoin recent price movements amid the US presidential election 2024 have led to its price currently standing at around $69,092, following a drop below the $70,000 level last week. This relatively low volatility has marked a calm period for Bitcoin, allowing it to stabilize in the $68,000 to $69,000 range over the past few days. The steady price trend has prompted analysts to forecast possible upward movement, pointing to various technical patterns and indicators suggesting a potential rally. Related Reading: Bitcoin May Slide To $65,000 As Critical Support Level Fails – Details 30% Bitcoin Rally In Play Among the analysts forecasting bullish momentum for Bitcoin, a renowned crypto analyst known as Captain Faibik recently shared insights on X regarding a technical pattern called a “Descending Broadening Wedge.” Faibik highlighted that Bitcoin has completed a breakout from this pattern on a weekly chart and is now in a “retest” phase. A Descending Broadening Wedge is typically considered a bullish reversal pattern in technical analysis. The pattern forms as price action creates lower highs and lower lows within diverging trendlines, implying that the downward momentum may weaken. If the price breaks upward through the resistance, it can indicate that the asset will likely see a price surge. Faibik expects a successful retest of the recent breakout of this pattern from BTC and has set a midterm target of $88,000, forecasting a potential 30% increase in Bitcoin’s value by the end of the year. Bullish Divergence And Long-Term Holder Behaviour Alongside Faibik’s observations, another well-known analyst, Javon Marks, pointed to signs of bullish divergence on Bitcoin’s chart. In technical analysis, bullish divergence occurs when an asset’s price makes lower lows while a technical indicator, such as the Relative Strength Index (RSI), creates higher lows. This divergence can suggest a potential reversal as buying momentum begins to build. According to Marks, this divergence indicates that Bitcoin’s bulls may be preparing for a move, which could translate to regained dominance in the market. Marks’ view supports the possibility of an upward trend in the medium term, even if the short-term market conditions seem uncertain. Meanwhile, IntoTheBlock, a prominent blockchain analytics firm, recently reported interesting trends in Bitcoin’s holder’s balance metrics. Related Reading: Bitcoin Long-Term Holders Offload Over 177k BTC: Is A Price Surge Or Correction Next? According to their data, while long-term Bitcoin holders are currently selling, the scale of these sell-offs appears moderate compared to previous bull cycles. In prior cycles, long-term holders often sold more aggressively, signaling a peak in market sentiment. This time, however, the selling trend among long-term holders has been more restrained, which may reflect a cautious approach amid Bitcoin’s current market conditions. IntoTheBlock speculates that this cautious behavior could signal a shift in the cycle dynamics, potentially pointing to a new market phase for Bitcoin. Featured image created with DALL-E, Chart from TradingView
Bitcoin appears primed for new highs before 2025, according to numerous BTC price metrics.
“Bitcoin is currently being used as a liquid proxy to hedge a Trump win,” which was previously seen as “underpriced,” according to an analyst.
Bitcoin has shown robust price action over the past few weeks and is pushing toward the critical $69,500 resistance level, with eyes set on previous all-time highs. A significant shift in market dynamics accompanies this surge, as data from CryptoQuant reveals that American investors now hold 4.9% of the total Bitcoin supply through spot ETFs. […]
Bitcoin has experienced a volatile week, with prices oscillating between a local high of $69,500 and a low of $65,000. After weeks of excitement and upward momentum, the market has cooled off, and BTC is currently consolidating below the critical $70,000 level. This consolidation phase is crucial as traders assess the next potential move for Bitcoin. Related Reading: Ethereum Whale Activity Spikes To 6-Week High – Smart Money Accumulation? Analyst Ali Martinez has shared significant data from Binance, highlighting the high risk for short positions at the $68,500 mark. When such risk levels are present, the price often seeks liquidity, which suggests that it may gravitate toward supply zones. This behavior indicates that the market is potentially targeting areas where sellers may be positioned, which could lead to further fluctuations in price. The interplay between these resistance and support levels will determine Bitcoin’s trajectory. A decisive move above these levels could signal Bitcoin’s next phase, making it critical for investors to remain vigilant. Bitcoin Short Squeeze Looms Bitcoin is reaching a pivotal moment, with the market buzzing with expectations for a potential push toward all-time highs. Martinez recently shared crucial data on X, revealing that a significant number of short positions are at risk of liquidation, particularly around the $68,598 mark. The cumulative short liquidation leverage at this price level is approximately $452.36 million, indicating that a substantial amount of capital could be affected if the price continues to rise. This scenario sets the stage for a bullish outlook, as overleveraged short positions suggest that Bitcoin could find liquidity at supply levels. This could trigger a cascade of buying pressure. When the price breaks above the key $69,000 mark, it could lead to a wave of Fear of Missing Out (FOMO) among traders and investors watching from the sidelines. The liquidation of these short positions could propel Bitcoin’s price higher, strengthening the bullish narrative. Market participants closely monitor this critical threshold, as a decisive break above $69,000 could ignite a surge toward previously untested highs. Related Reading: Solana Breakout From Bullish Pattern Could ‘Send SOL To The Moon’ – Crypto Analyst Maintaining awareness of both market dynamics and key price levels is essential for traders looking to navigate the volatility. The next few days could prove crucial as Bitcoin approaches this significant moment, and how it reacts to these overleveraged positions may determine its trajectory in the coming weeks. BTC Liquidity Levels Bitcoin (BTC) is currently trading at $67,100 after a week marked by volatility and uncertainty. The price has pushed above the $66,000 level, signaling strength and hinting at a potential rally in the coming weeks. This upward movement reflects renewed optimism in the market, as investors look for signs of sustained bullish momentum. However, it’s essential for BTC to maintain its position above the $65,000 mark. If the price fails to hold this level, a sideways consolidation may occur, allowing the market to gather liquidity before making its next move. This consolidation phase could set the stage for a surge in buying activity as traders look to capitalize on potential opportunities. Related Reading: Dogecoin Liquidity Sweep Signals DOGE Is Ready For A Rally A break above the key $70,000 level would further strengthen the bullish outlook, potentially initiating a new uptrend. Such a movement could attract additional investment and excitement in the market, as traders and investors respond to the breakout. Featured image from Dall-E, chart from TradingView
Bitcoin has had a volatile week, with its price fluctuating between a local high of $69,500 and a low of $65,000. Following weeks of strong bullish momentum, the market has now cooled, and BTC is consolidating just below the crucial $70,000 level. This key threshold is seen as a trigger for intensified buying pressure if Bitcoin manages to break above it. Related Reading: Solana Breakout From Bullish Pattern Could ‘Send SOL To The Moon’ – Crypto Analyst According to CryptoQuant data, there’s still room for further growth, as short-term holder (STH) coins are trading at a 6.2% net asset value (NAV) premium. This premium is often viewed as a gauge of market sentiment, reflecting the optimism of short-term holders who are willing to pay above the current market value to acquire Bitcoin. A higher NAV premium generally suggests that investors expect continued price appreciation and are positioning themselves for future gains. As BTC stabilizes in its current range, all eyes are on the $70,000 mark as a potential breakout level that could pave the way for a fresh rally. With positive market sentiment and supportive data, Bitcoin’s outlook for the coming weeks remains encouraging, fueled by both technical signals and strong buyer interest. Retail Buying Bitcoin (Again) Bitcoin is experiencing growing demand from short-term holders as its price consolidates below key supply levels, close to all-time highs. Analyst Axler Adler recently shared critical insights on X, showing that Bitcoin’s net asset value (NAV) premium among short-term holders has climbed to 6.2%. This 6.2% NAV premium indicates that Bitcoin’s current market price is trading 6.2% above the average acquisition cost for short-term holders. Essentially, these investors are valuing Bitcoin at a premium, suggesting optimism about the potential for further gains. Adler explains that this metric acts as a bullish signal, highlighting room for continued price growth. An NAV premium of 25% or higher typically points to an overheated market, implying that demand has yet to reach excessive levels. According to Adler’s analysis, the NAV premium is an important gauge of market sentiment. A moderate premium like 6.2% reflects healthy demand among short-term holders, aligning with an accumulation phase rather than a peak. This is especially relevant as Bitcoin’s price consolidates under significant resistance levels, potentially setting the stage for a breakout. Related Reading: On-Chain Indicator Signals Bitcoin Cycle Top Is Far Ahead – Data Confirms Bullish Outlook Bitcoin’s consolidation below its key supply levels and rising demand among short-term holders reflects a favorable environment for potential price appreciation. If short-term holder demand continues to grow, it could fuel BTC’s ascent to new highs. The balance between premium demand and manageable NAV levels could signal sustained upward momentum. There is a potential rally on the horizon if buying pressure strengthens at current levels. Technical Level To Watch Bitcoin is trading at $66,900 after establishing solid support around $65,000. The price action signals resilience as it consolidates above this crucial level. This support around $65,000 marks a significant pivot, as holding above it reflects underlying strength and fuels optimism among investors. However, for Bitcoin to keep bullish momentum, a push above $70,000 is essential to confirm the uptrend. If Bitcoin loses the $65,000 level, analysts foresee a retrace toward the 200-day moving average (MA) at $63,274. This level is relevant as a long-term support zone. A pullback to this area could attract new buyers, reinforcing it as a major support if tested. Related Reading: Dogecoin Liquidity Sweep Signals DOGE Is Ready For A Rally Investors view the 200-day MA as a key anchor for Bitcoin’s bullish structure. If BTC can hold above $65,000 and eventually break $70,000, it would indicate a continuation of the current bullish phase. Conversely, a dip below these supports would shift focus to the 200-day MA. Holding above this moving average is crucial to prevent a bearish reversal. Featured image from Dall-E, chart from TradingView
Bitcoin currently ranges between $65,000 and $69,500 following two weeks of bullish price action, sparking renewed optimism among analysts and investors. The prevailing sentiment is that BTC is on the verge of reaching new all-time highs in the coming weeks, with confidence building that March’s cycle top predictions may have been premature. Related Reading: Dogecoin Liquidity Sweep Signals DOGE Is Ready For A Rally Key metrics from CryptoQuant reveal that Bitcoin is still far from typical cycle-top conditions, instead signaling a bullish outlook as we move into November. As the U.S. election approaches November 5 and macroeconomic factors continue to shift, price action is expected to remain unpredictable and volatile. Market participants are watching closely, expecting that geopolitical and economic events could influence BTC’s trajectory. Given this context, many believe the next major move for Bitcoin could catalyze a fresh leg up, potentially breaking through previous highs. Bitcoin Calm Before The Storm? Bitcoin is holding firm above $67,000, showing resilience as it edges to a potential breakout above $70,000. However, the current price action indicates that Bitcoin may consolidate below this key level before moving up to new highs in the next leg. Market participants closely watch BTC’s behavior around these price levels, as a sustained push above $70,000 could set the stage for significant gains. CryptoQuant analyst Axel Adler recently shared critical insights on X, highlighting the current Long-Term Holder (LTH) to Short-Term Holder (STH) SOPR Ratio, which sits at 1.8. This metric is often used to gauge selling pressure and market sentiment, with higher levels indicating increased profit-taking that could signal a market peak. According to Adler, when this ratio climbs to around 7, Bitcoin will be nearing a cycle culmination. The ratio’s bullish cross with its 90-day moving average reflects a positive outlook, supporting the narrative that BTC remains well below its cycle top. Related Reading: Number Of Bitcoin Bulls Increases As Funding Rate Shows Steady Growth – Details This metric’s movement and broader market strength paint a favorable picture for Bitcoin’s price action in the coming weeks. The data suggests that Bitcoin still has room to grow within this cycle, providing confidence to long-term holders and investors looking for continued upside. BTC Technical Levels Bitcoin is trading at $67,500, facing challenges after failing to maintain its bullish structure on the 4-hour chart. The price couldn’t set a new high above $69,500, marking a potential shift in momentum. A crucial support level now sits at $65,000, the local low that previously held the bullish trend intact. Holding above this level is essential to prevent a broader retrace and maintain confidence among bulls. Currently, price action remains indecisive, leaving the direction for the coming days unclear. A breakout above $69,500 would restore the bullish structure, likely drawing more buyers into the market and signaling another rally attempt. Conversely, a break below the $65,000 support would signal a retrace, potentially leading BTC to lower demand zones as bulls look to regroup. Related Reading: Solana Stays Strong Despite BTC Drop – $176 Next? The current consolidation phase highlights the importance of these levels in determining Bitcoin’s short-term trajectory. With both bulls and bears vying for control, BTC’s ability to hold above $65,000 will be crucial to retaining bullish sentiment. Featured image from Dall-E, chart from TradingView
Bitcoin recent decline has led to a slight pushback in investor confidence and increased anticipation within the crypto community, with many now craving a rally back above $70,000 more than before. Amid this, a new analysis suggests that although the Bitcoin market could be on the brink of a major breakout, it hinges on a major indicator that concerns new investors. Related Reading: Bitcoin’s Network Fundamentals Turn Bullish—Here Are The Details New Investors Hold the Key According to a CryptoQuant analyst, Avocado Onchain, new market investors could drive the next significant upward price movement. The analyst shared these insights on the CryptoQuant QuickTake platform, highlighting key data trends that point to a potential price surge. Avocado Onchain’s analysis focuses on “Unspent Transaction Outputs (UTXOs),” specifically those under six months old. UTXOs represent the amount of cryptocurrency that remains unspent after a transaction, and they can provide valuable insights into market sentiment. According to the analyst, the decline in UTXOs under six months has stopped and is now leveling off. Currently, only 8.6% of Bitcoin investors are at a loss based on the present price of the cryptocurrency. In past market cycles, when the decline in UTXOs halted and showed an increase, Bitcoin’s price often surged, marking the beginning of a new bull run. Bitcoin Historical Patterns And Market Sentiment The CryptoQuanat analyst further highlighted that the data from previous Bitcoin market cycles reveals a pattern in which the percentage of investors holding losses converged toward zero before significant price increases occurred. Avocado points out that in those instances, as the number of investors in loss diminished, new investors entered the market in large numbers, driven by rising optimism. This influx of new participants tends to trigger a sharp price rise as new buyers increase demand for Bitcoin and fuel further upward momentum. For Bitcoin’s price to reach new heights, the analyst suggests that market sentiment must shift more favorably. This positive sentiment is typically fuelled by the entry of new investors who tend to buy in when market conditions are improving. Related Reading: Bitcoin Profitability Index Hits 202%: Is This Enough For A Top? Avocado also highlights that these new investors often show increased interest when Bitcoin nears or breaks through its previous all-time high, leading to an “explosive influx” of new buyers. If Bitcoin’s current market conditions align with historical patterns, the cryptocurrency could be on the verge of a significant breakout. The CryptoQuant analyst further notes that while Bitcoin’s price has recently been in a downtrend, this leveling off of UTXO data is a key sign that could indicate a reversal. The analyst noted: If history repeats itself, the current price of Bitcoin could be seen as being on the verge of an explosive breakout. Featured image created with DALL-E, Chart from TradingView
Despite this week’s Bitcoin price drop, whales continued to add to their balance and the current v-shaped BTC recovery could be a sign that new highs are coming.