Bitcoin has fallen to a low of $92,508 on January 8 after previously hitting $102,357 on Monday, marking almost a 10% retreat in a matter of days. The immediate catalyst appears to be the January 7 spike in US Treasury yields, with the 10-year rate hitting 4.67% following an unexpectedly strong ISM Prices Paid Index and higher-than-anticipated JOLTS job openings. Why The Trump Inauguration Is Bullish For Bitcoin While these data points renewed worries that inflation could persist, many seasoned observers insist the upcoming Trump inauguration is a reason to stay bullish on Bitcoin and crypto. The analysts from LondonCryptoClub (@LDNCryptoClub)argue that “everyone is overestimating both the likelihood of tariffs or at least the size,” highlighting that when Trump was previously in office, there was “no substantial inflationary impact” despite high-profile tariff announcements. Related Reading: Anticipating A ‘2025 Super Cycle’: Bitcoin Rallies With Trump’s Regulatory Reforms On The Horizon According to the analyst,s market participants risk overlooking the fact that “the US has also got to refinance over $7trn in debt this year,” which could force the Fed to keep rates lower and eventually end quantitative tightening. Raoul Pal, Founder of Global Macro Investor, echoed this sentiment by saying, “I tend to agree with this take.” I tend to agree with this take https://t.co/SzmHbyXoBc — Raoul Pal (@RaoulGMI) January 8, 2025 Supporters of the pro-Bitcoin thesis point out that any tariffs introduced under a new Trump administration might be politically large but practically modest, echoing the LondonCryptoClub view that “Trump goes big as a negotiation tactic and likely delivers much less.” Another focal point is the emerging liquidity scenario that has bolstered risk assets in the past. LondonCryptoClub sees the Fed ultimately “start to flood the market with liquidity,” especially given the swift depletion of the Reverse Repo Facility and the potentially temporary respite offered by the debt ceiling. The same argument extends to a renewed wave of “China-led global disinflation,” which could pressure the United States into rate cuts if growth shows signs of stalling. Chris Burniske, a partner at Placeholder VC, said he once assumed the market would rally straight into the inauguration and then sell off, but he now foresees another scenario: ““Agree w this – in Q4 was thinking we’d rally into inauguration and sell off after, but once that became too consensus a view + DXY & rates rallying, looks like we’re shifting to pain before, Valhalla after – prefer this setup tbh” Some analysts see direct benefits if Trump starts publicly discussing crypto again, given how it may raise Bitcoin’s profile. Crypto analyst Gammichan reminded followers that “we have a president who will be mentioning Bitcoin regularly” and emphasized that a strong dollar could be “fuel to pump us when it falls.” Gammichan also stressed that “3-5% inflation is excellent for BTC” and noted that while the Fed might keep rates high for the moment, it could “juice it whenever” because the government’s own interest expenses remain uncomfortably large, with trillions in debt to manage. This angle is further enhanced by talk that other global players, especially China, may continue to stimulate their economies, thereby boosting overall liquidity. We seem to have forgotten that: -We have a president who will be mentioning Bitcoin regularly -MSTR is in the NASDAQ -Fed is in a great position with room to juice it whenever -3-5% inflation is excellent for BTC -Strong DXY means fuel to pump us when it falls -Fed needs to get… — Gammichan (@gammichan) January 8, 2025 Felix Jauvin, host of the Forward Guidance podcast, underscored the broader shift in market psychology by stating, “We’re quickly going from ‘sell the news’, to ‘buy the news’ on inauguration.” Related Reading: Bitcoin To Blast Off? Trump’s Fury Over Interest Rates Signals Big Move Despite this generally upbeat narrative, short-term challenges remain. Recent economic data in the United States has surprised to the upside, prompting worries that the Federal Reserve might keep policy tighter for longer. Some investors see the next few weeks as a tug of war between rising yields and the prospect of renewed global easing. Still, LondonCryptoClub argues that the jump in yields might be a temporary head fake and that once the Fed recognizes how much refinancing must occur, it will be compelled to “help keep rates low” and eventually revert to “some form of ‘not QE QE’” if the repo market shows signs of stress. Those who believe in the “buy the news” thesis anticipate that as soon as the Fed’s liquidity taps reopen, Bitcoin’s price will likely rebound from its current slump and possibly continue higher throughout 2025. Market watchers also recall how, during Trump’s earlier presidency, the US dollar initially gained but quickly topped out. LondonCryptoClub noted that “the market reacted this way last time Trump got elected and quickly the dollar topped out,” suggesting that a similar scenario might play out again, with the dollar rallying briefly before weakening. Combined with the possibility of coordinated stimulus from major central banks, any sustained reversal in the dollar would likely spell good news for Bitcoin and the broader crypto market. At press time, BTC traded at $93,596. Featured image created with DALL.E, chart from TradingView.com
Bitcoin has surged above the $100K mark, signaling strength and fueling optimism among traders as the market enters 2025. This breakout has bolstered a bullish outlook for BTC in the first quarter, with many anticipating further gains. However, amid this enthusiasm, a cautious undertone persists. Analysts and investors are debating the trajectory of this bull […]
Bitcoin has shown resilience by pushing above key demand levels, but the psychological and technical barrier of $100K remains unclaimed. This resistance has left investors and analysts in a state of uncertainty, with no clear short-term direction for the market leader. Despite this, a growing consensus among market experts suggests that BTC will likely see […]
Bitcoin has seen a significant surge, rising from local lows of $92,000 to a recent peak of $98,950. This strong move has reignited enthusiasm among investors and analysts, who are closely watching for the next major price action in the market leader. Despite concerns of potential overheating after such a rapid climb, Bitcoin’s market structure […]
Bitcoin is navigating turbulent waters as its price continues to slide, searching for a stable support level amid growing uncertainty. The current downward momentum has sparked concerns among investors and analysts, with many questioning whether Bitcoin has reached its cycle top. Sentiment in the market has shifted dramatically, with fear replacing the once euphoric optimism that drove the cryptocurrency to recent highs. Related Reading: Chainlink Is Forming A Head-And-Shoulders Pattern – Confirmation Could Take LINK To $14 Despite the unease, crypto analyst Ali Martinez offers a more optimistic perspective on the situation. In a recent analysis shared on X, Martinez suggested that a 20% to 30% correction could actually be the most bullish outcome for Bitcoin at this stage. He highlights how such pullbacks have historically set the stage for stronger rallies by shaking out weaker hands and allowing the market to reset before resuming its upward trajectory. As Bitcoin’s price action teeters on the edge of a potential breakdown, all eyes are on the key support levels that could determine the next move. Will Bitcoin confirm the fears of a cycle top, or will a healthy correction provide the foundation for the next leg of its rally? The coming weeks will be crucial in shaping the narrative for the world’s leading cryptocurrency. Bitcoin Correction Looms Bitcoin appears on the verge of entering a critical correction phase, with the $92K level emerging as the line in the sand. Analysts and investors are increasingly concerned that a drop below this threshold—and potentially the $90K mark—could trigger a wave of selling pressure, driving the price into sub-$80K territory. The growing fear has cast a shadow over Bitcoin’s bullish narrative as many brace for potential downside risks. Related Reading: ONDO Faces 30% Correction Risk If It Loses $1.46 Support – Top Analyst However, not everyone sees this potential correction as bearish. Martinez offers a contrarian viewpoint, suggesting that a 20% to 30% correction could be the most bullish outcome for Bitcoin within the context of a bull trend. Martinez presented a compelling chart showcasing every Bitcoin correction exceeding 20% during past bull markets. His findings reveal that each of these corrections acted as a reset for the market, shaking out weaker hands and paving the way for stronger rallies. Martinez emphasizes that corrections are a natural and healthy component of Bitcoin’s price cycles, especially during bull runs. By allowing the market to recalibrate, they set the stage for sustained upward momentum. If Bitcoin does experience a significant pullback, it could be the precursor to a more robust and prolonged rally in the coming months. BTC Testing ‘The Last Line Of Defense’ Bitcoin is currently trading at $94,500, grappling with sustained selling pressure and bearish price action. The market sentiment has shifted significantly in recent days, with fears of a deeper retracement gaining traction among analysts and investors. Many believe that if Bitcoin loses the $92,000 mark, it could open the door for an accelerated decline. The $90,000 level is emerging as the critical support zone that Bitcoin must hold to maintain its bullish outlook. This level represents a psychological and technical barrier that could determine the cryptocurrency’s trajectory in the weeks ahead. If BTC manages to stay above $90K, analysts anticipate a strong recovery that could reignite bullish momentum and lead to a push toward previous highs. Related Reading: Ethereum Price Setting For a Big Move – Breakout Or Downturn? However, the stakes are high. A decisive break below the $90,000 level would likely exacerbate selling pressure, driving Bitcoin into deeper correction territory. In such a scenario, prices could fall as low as $75,000, marking a significant pullback from recent highs. Featured image from Dall-E, chart from TradingView
Bitcoin has been struggling to reclaim the $100,000 mark, facing persistent resistance while finding strong support around $94,000. Yesterday brought an interesting twist to the crypto market. While BTC grappled with selling pressure and volatility, Altcoins stole the spotlight, with many posting impressive gains of over 10%. This shift hints at a potential change in […]
Bitcoin experienced a highly volatile trading session yesterday, with prices swinging between $92,300 and $96,420 throughout the day. The cryptocurrency now hovers near the $93,000 mark, struggling to establish a clear direction in the short term. As market participants await decisive action, uncertainty looms over whether Bitcoin will sustain its bullish structure or face a deeper correction. Related Reading: If History Repeats Dogecoin Has Potential For A Parabolic Rally – Details CryptoQuant analyst Axel Adler recently shared valuable insights, highlighting a significant trend among short-term holders (STH). According to Adler, these investors continue to sell their coins at high-profit margins, capitalizing on Bitcoin’s recent upward momentum. While profit-taking is a natural part of market cycles, the lack of consistent demand to absorb this selling pressure could challenge Bitcoin’s price stability. If demand fails to match the pace of active profit-taking, a local correction could occur, potentially leading to a decline in Bitcoin’s price. This delicate balance between profit-taking and market demand makes the coming days critical for determining Bitcoin’s next move. Will buyers step in to support the price, or will selling pressure lead to a deeper retrace? Investors and analysts are watching closely as Bitcoin navigates this pivotal moment. Bitcoin Demand Levels Responding Bitcoin has faced days of intense volatility as it struggles to break above the $100,000 psychological barrier while holding firm above the $92,000 support. The market remains in a state of flux, with investors and analysts closely monitoring Bitcoin’s next move. Despite the uncertainty, Bitcoin’s resilience at these key levels highlights the ongoing tug-of-war between bullish and bearish forces. Top analyst Axel Adler recently shared an insightful analysis on X, shedding light on the behavior of short-term holders (STHs). According to Adler, STHs are actively selling their coins at high profit margins, taking advantage of the recent price surges. While profit-taking is a normal part of market cycles, a lack of consistent demand to counter this selling pressure could lead to a local correction and a potential price decline. However, in the event of a price drop, STHs are unlikely to continue selling their holdings, as selling at a loss in a bull market is often considered an unwise move. This dynamic could provide Bitcoin with the breathing room needed to stabilize at its key support levels, currently around the $90,000 mark. Related Reading: Solana Holds Weekly Support At $180 – Analyst Expects $330 Mid-Term If Bitcoin successfully holds above $90,000, a period of consolidation around this level could create the foundation for the next rally, potentially propelling BTC to new all-time highs. The coming days will be critical in determining whether Bitcoin continues its ascent or faces a temporary setback. BTC Holding Above $90K Bitcoin is trading at $93,800 after enduring days of selling pressure and market uncertainty. Despite holding above key support at $92,000, the loss of both the 4-hour 200 moving average (MA) and exponential moving average (EMA) is a short-term bearish signal. These indicators, often viewed as gauges of market momentum, suggest that Bitcoin may need additional demand to regain upward traction. For bulls to reclaim control and ignite a fresh rally, Bitcoin must recover these critical levels. The 4-hour 200 MA at $96,500 and the 4-hour 200 EMA at $98,500 are essential hurdles. Successfully pushing above these thresholds and securing a decisive close beyond them would confirm renewed bullish momentum. Related Reading: Ethereum Whales Bought $1 Billion ETH In The Past 96 Hours – Details If Bitcoin achieves this feat, the stage could be set for a massive rally into price discovery, breaking through psychological barriers like $100,000 and paving the way for new all-time highs. On the flip side, failing to reclaim these indicators might signal extended consolidation or a potential retest of lower support levels. Featured image from Dall-E, chart from TradingView
Bitcoin is currently trading at $97,600, following a sharp dip from its all-time high and a modest recovery from the critical $92,000 support level. This recent price movement highlights the market’s ongoing volatility as investors grapple with shifting sentiment and technical levels. Despite the rebound, Bitcoin now faces a significant challenge in sustaining its upward momentum. Related Reading: XRP Whales Loading Up – Data Reveals Buying Activity Analyst Ali Martinez shared compelling data revealing that Bitcoin encounters a massive resistance zone between $97,500 and $99,800. This “brick wall” is fortified by the activity of 924,000 wallets, which collectively purchased over 1.19 million BTC in this range. Such strong on-chain resistance could hinder BTC’s ability to reclaim the psychological $100,000 level in the near term. This critical area will likely determine Bitcoin’s next move. Successfully breaking through this zone could pave the way for another rally, while failure to do so might lead to heightened selling pressure and a retest of lower support levels. As the market watches this pivotal phase unfolds, all eyes remain on key technical and on-chain signals to gauge whether Bitcoin’s recovery is sustainable or if a larger correction looms ahead. Bitcoin Holding Strong Bitcoin has experienced intense price swings over the past few days, with a 15% correction followed by a swift 6% bounce in under three days. This rapid movement highlights the serious volatility gripping the market, with Bitcoin mirroring the broader uncertainty. Despite the turbulence, there is growing optimism among analysts regarding Bitcoin’s outlook, as its recovery from aggressive selling pressure yesterday took only a few hours. Martinez shared key insights on X, shedding light on a significant resistance zone that Bitcoin must overcome to regain momentum. According to Martinez, Bitcoin faces a “brick wall” between $97,500 and $99,800. This range is fortified by 924,000 wallets that collectively purchased over 1.19 million BTC within these levels. This substantial cluster of on-chain resistance could act as a barrier to Bitcoin’s upward trajectory. Related Reading: Bitcoin Data Reveals No Significant Panic Selling In The Market – Shakeout Or Trend Shift? If Bitcoin can manage to break above this critical resistance zone, it could open the door to new all-time highs. However, failure to surpass this range may lead to increased selling pressure and further consolidation below the $100,000 mark. For now, Bitcoin remains resilient, holding its ground amid market volatility, with many analysts cautiously optimistic about its potential for another rally. Technical Analysis Bitcoin is currently trading at $98,200, showing a strong recovery from the $92,000 mark, which has proven to be a significant demand level. This reaction from $92K signals strength in Bitcoin’s price action, indicating the potential for bullish momentum in the weeks ahead. If BTC manages to push above the critical $100,000 level in the coming days, it could trigger a massive surge, potentially driving the price to new all-time highs. This psychological and technical milestone is expected to ignite a wave of buying pressure as investors and traders anticipate the next leg of the rally. However, the market remains uncertain, and the possibility of Bitcoin entering a sideways consolidation phase cannot be ruled out. In this scenario, BTC could remain range-bound between its all-time highs and local lows, reflecting a period of accumulation as the market recalibrates after recent volatility. Related Reading: On-Chain Metrics Reveal Cardano Whales Are ‘Buying The Dip’ – Details For now, the $92,000 mark has provided a strong foundation for Bitcoin, and all eyes are on the $100,000 level as the next major test. Whether BTC breaks out or consolidates, its current resilience suggests that Bitcoin remains poised for significant moves in the near term. Featured image from Dall-E, chart from TradingView
The Bitcoin market has yet to reach the unsustainable euphoria typically observed at the peaks of previous BTC price bull runs.
Bitcoin has faced a volatile week, with sharp moves above and below the pivotal $100,000 mark, but the price still struggles to close and hold above this psychological level. The lack of a clear direction has divided investors, with some anticipating a breakout into uncharted territory while others brace for a potential correction. Related Reading: Solana Might Reach $295 Once It Breaks Key Supply Zone – Details CryptoQuant analyst Axel Adler shared key data shedding light on Bitcoin’s current dynamics. According to Adler, the nearest support level is $94,500, representing the average purchase price for short-term holders (STH) holding coins for one week to one month. This metric underscores the importance of this level as a critical threshold for maintaining market confidence. As Bitcoin grapples with resistance at $100K, the $94.5K support will be crucial in shaping the next phase of price action. A successful defense of this level could reignite bullish momentum, while a breakdown might trigger a deeper retrace. With the broader market still indecisive, Bitcoin’s movements in the coming days will be closely watched by traders and investors seeking clarity in an uncertain environment. The battle for $100K continues, and all eyes are on whether Bitcoin can finally claim this level as solid ground. Bitcoin Demand Remains Strong Despite significant selling pressure and choppy price action, Bitcoin demand remains robust, keeping the price above crucial demand zones. Investors appear to be holding their ground, contributing to a period of consolidation as they prepare for Bitcoin’s next major move. The current sideways trend reflects market indecision, yet it underscores the resilience of Bitcoin’s price in the face of volatility. Axel Adler, a prominent CryptoQuant analyst, recently shared critical insights into Bitcoin’s support levels on X. According to Adler, the nearest support level is $94,500, which represents the average purchase price for short-term holders (STH) holding coins for one week to one month. This level has become a key threshold, providing strong demand and acting as a safety net for BTC during periods of downward pressure. Further analysis reveals that $80,800 marks the average purchase price for the broader STH cohort. This level is pivotal as it represents a deeper liquidity zone that could come into play in a more significant correction. These data points suggest that $94.5K and $80.8K will be critical to monitor in the coming days and weeks. Related Reading: Cardano Follows 2020 Bullish Pattern – Top Analyst Plans To Take Profits Between $4 And $6 As Bitcoin consolidates, the market anticipates whether these key support levels will hold or demand will drive BTC into its next bullish phase. The stakes are high, and investors are closely monitoring these liquidity zones. BTC Finding Fuel Below $100K Bitcoin is trading at $98,000 after failing to sustain a breakout above the critical $100,000 level over the past week. Despite this, the price remains resilient, with bulls finding momentum to push BTC closer to reclaiming this psychological threshold. The market watches closely as Bitcoin consolidates, signaling preparation for its next significant move. Key resistance lies at $101,200, which analysts view as pivotal for triggering the next leg up. If Bitcoin successfully reclaims and holds above this zone, it could pave the way for a strong bullish surge, driving the price into uncharted territory. Such a move would likely attract renewed interest and capital, solidifying the current rally. Related Reading: PEPE Whales Increased Their Holdings By $1.4 Billion Yesterday – Details However, the downside risk remains a concern. Should Bitcoin fail to break above $101,200 and lose the $94,500 support level—identified as a critical threshold by analysts—investors could see a correction phase unfold. This scenario would likely target deeper liquidity zones, such as $80,800, as potential support areas. Bitcoin’s ability to hold its ground and reclaim key levels will determine its direction in the coming days. Traders closely monitor price action for signs of strength or weakness amid growing market anticipation. Featured image from Dall-E, chart from TradingView
Bitcoin’s performance against gold has hit resistance levels that historically align with the start of 2018-2019 and 2021-2022 bear markets.
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 has entered a period of calm after a turbulent decline from $99,000 to $90,000 over just three days. Currently trading above $95,000, the leading cryptocurrency holds a pivotal level that will likely dictate its next move. This key zone will determine whether Bitcoin regains upward momentum or seeks lower-level liquidity to establish stronger support. Related Reading: XRP Reaches 6-Year High – Whales And STH Accumulate Together Despite the recent volatility, market participants remain optimistic, as on-chain data provides fresh insights. According to CryptoQuant, a notable uptick in stablecoin transfer volumes has coincided with Bitcoin’s price action. This metric often signals increased purchasing power entering the market, a potential precursor to renewed buying interest in Bitcoin. As Bitcoin consolidates above $95,000, traders and investors closely monitor its ability to reclaim psychological resistance at $100,000. Conversely, losing support could push BTC to retest lower levels near $90,000 or even deeper liquidity zones. Bitcoin And Stablecoins: What They Have In Common? Bitcoin has achieved a remarkable milestone, staying less than 1% away from the coveted $100,000 mark, driven by a wave of institutional and retail buying. This historical rally reflects a growing global demand, with investors from various countries utilizing stablecoins to purchase BTC. Stablecoins have emerged as the preferred bridge, enabling seamless transactions across borders and currencies. According to CryptoQuant analyst Axel Adler, the recent surge in stablecoin transfer volumes coincided with Bitcoin’s price ascent. This trend highlights stablecoins’ significant role in providing liquidity and driving market momentum. Cash inflows through stablecoins create robust support for Bitcoin’s price, allowing it to maintain upward pressure even as it nears critical psychological levels. The correlation between stablecoin activity and Bitcoin price action offers valuable insights into market dynamics. Increased stablecoin transfers often signal heightened demand for Bitcoin, providing a reliable indicator of potential price movements. This interplay is particularly relevant in identifying periods of high buying pressure, as stablecoins facilitate quick and efficient market participation. Related Reading: Dogecoin Ready To Hit $1 – Price Struggles To Break Above Major Resistance As Bitcoin approaches the $100,000 milestone, the continued influx of stablecoin-driven liquidity underscores the asset’s global appeal and resilience. Whether this momentum leads to a breakout above $100,000 or a period of consolidation, the role of stablecoins in fueling demand will remain pivotal in shaping Bitcoin’s price trajectory. BTC Price Nears Critical Zone Bitcoin currently holds above the crucial $95,000 level, a price that will play a decisive role in its short-term trajectory. This level acts as a psychological and technical support zone that could propel BTC toward the long-anticipated $100,000 milestone this week or delay the breakthrough until next year. For Bitcoin to breach $100K, the $95,000 level must hold for several days, allowing sufficient time to fuel demand and attract fresh liquidity. Sustained buying pressure around this range will likely enable BTC to break above the key psychological barrier, continuing its historic rally. However, the bullish momentum faces risks. A failure to hold the $95,000 level would expose BTC to a retest of $92,000, another critical support. Losing both levels could trigger a significant correction, sending Bitcoin to lower demand zones around $85,000 or sub-$ sub-$80,000. This move would sharply reverse its recent rally, shaking market confidence. Related Reading: Cardano Transactions Rise To Multi-Year Highs – Metrics Support Bullish Outlook The coming days will be pivotal as traders watch for sustained support above $95,000. Bitcoin’s ascent to $100,000 could soon materialize if the bulls defend this level effectively. Otherwise, the market might brace for a deeper retracement before regaining its upward momentum. Featured image from Dall-E, chart from TradingView
After a historic rally, Bitcoin has faced its first major setback, pulling back 7% from its all-time high of $99,800. This comes after an impressive surge from $67,500 on November 5, marking a nearly 50% climb in just a few weeks. The price action has largely been “only up,” attracting significant attention from traders and investors alike. Related Reading: Ethereum Analyst Predicts $3,700 Once ETH Breaks Through Resistance However, the current pullback highlights growing caution in the market. Market caution said leverage levels remain elevated despite recent deleveraging efforts. Adler’s analysis reveals that increasing short positions and consolidation below the psychological $100,000 mark have contributed to the retracement. While Bitcoin’s performance remains strong in the broader context, this dip signals a potential shift in market sentiment. The question is whether BTC can gather enough momentum to break past the $100,000 barrier or if further consolidation is on the horizon. Many investors consider this pullback a healthy pause in a bullish cycle, but the high leverage levels suggest continued volatility. All eyes are on Bitcoin as it navigates this critical phase, with the next few days likely to determine its short-term direction. Bitcoin Bears Showing Up After three weeks of minimal resistance from bears, signs of their resurgence emerge as Bitcoin struggles to break past the $100,000 level. This critical price point, which many believed would act as a springboard for further gains, has instead highlighted growing bearish sentiment. According to CryptoQuant analyst Axel Adler, the recent price action marks a potential shift in momentum. Adler’s analysis on X reveals that despite a wave of recent deleveraging, leverage levels in the market remain elevated. Many key long positions were established around the $93,000 mark, providing bears with an opportunity to profit as BTC failed to push higher. This level has now become a battleground, with Bitcoin’s inability to sustain upward momentum signaling the possibility of further downside risk. Bitcoin’s price hovers around this key level, raising the likelihood of a correction toward $88,500 or prolonged sideways consolidation below $100,000. Such a scenario would impact Bitcoin and set the tone for altcoin performance in the coming weeks. Related Reading: XRP Analyst Sets $2 Target If It Holds Key Level – Can It Reach Multi-Year Highs? The next two weeks will be pivotal as market participants closely watch Bitcoin’s price action. A decisive move, whether up or down, will shape the broader cryptocurrency landscape and determine whether this is merely a pause in a larger rally or the start of a deeper correction. BTC Testing Fresh Demand Bitcoin is trading at $93,500 as bears regained control after it hit an all-time high last Friday. This retracement marks a shift in momentum, but bulls still can reclaim dominance if the price remains strong above the critical $92,000 support level. Holding this level would keep Bitcoin’s price action structurally bullish and signal resilience in the face of increased selling pressure. If Bitcoin sustains strength above $92,000, the outlook for the short term remains optimistic, with the potential for another attempt at breaking key resistance levels. However, a drop below this mark would signal short-term weakness, potentially triggering further declines. The next critical level to watch would be around $84,000, where the 4-hour 200 EMA aligns as a support zone. This level represents a major line in the sand for bulls. A breakdown below it could accelerate bearish momentum, extending the correction and dampening market sentiment. On the other hand, holding above $92,000 would reinforce bullish confidence, setting the stage for a recovery and a potential pushback toward previous highs. Related Reading: Avalanche Soars 20% In 24 Hours – Analyst Reveals Next Price Target Traders and investors are closely watching these levels, as Bitcoin’s ability to stay above $92,000 will determine whether it remains in a short-term bullish structure or succumbs to bearish pressures. Featured image from Dall-E, chart from TradingView
Bitcoin recently came close to breaking the $100,000 price mark last week, reaching a high of $99,645 before encountering resistance. According to CryptoQuant analyst Percival, the psychological barrier of round numbers like $100,000 often serves as a point where traders exit positions for “relative safety.” Since climbing from $73,000 to $99,800, Percival highlighted that Bitcoin has recorded a roughly 57% gain, ranking it among the ‘top six exit rallies from consolidation zones.’ Despite this, the CryptoQuant analyst suggests that Bitcoin may enter a consolidation phase. Related Reading: Bitcoin Realized Profit Hits ATH At $443 Million – Local Top Or Continuation? BTC Faces Resistance Below $100K: What Lies Ahead? Percival emphasized the significance of the Choppiness Index, a metric that gauges market momentum. According to him, the index indicates that Bitcoin’s rally is losing strength weekly. This suggests the cryptocurrency could consolidate for several weeks before another rally begins. Analyzing previous market cycles, particularly in 2020, Percival noted that Bitcoin’s first post-consolidation correction lasted approximately three weeks, with an 18% price drop. If history repeats, the next rally may occur in the latter half of December. The analyst also pointed to Long-Term Holder (LTH) behavior as a critical factor in understanding Bitcoin’s current market dynamics. LTHs are currently seeing 350% in profit and are in a supply distribution phase, with approximately 575,000 Bitcoins (worth around $58 billion) re-entering the market. Despite this, demand has remained strong, driven by inflows into Bitcoin exchange-traded funds (ETFs) and purchases from institutional players like MicroStrategy. Using the STH Realized Profit and Loss metric, Percival further explored Short-Term Holder (STH) activity. He noted that short-term holders account for 30.2% of the profits recorded during this phase. Additionally, Bitcoin’s Market Value to Realized Value (MVRV) ratio has exceeded 1.33σ, signaling that the average token is approaching the 1.4σ zone, corresponding to 40% unrealized profits. Historically, this zone aligns with the first correction following a significant rally, as observed in late 2020. What to Expect Next for Bitcoin Looking ahead, Bitcoin’s trajectory may depend on several factors, including the pace of its consolidation phase and the behavior of institutional and retail investors. If the current consolidation period mirrors the patterns of previous cycles, Bitcoin could stabilize before attempting another push beyond $100,000. However, short-term corrections may still occur with LTHs continuing to take profits and STHs remaining active. Related Reading: Bitcoin Attempt To Dip Below $96K ‘Led To Nothing’ – Analyst Expects $100K Soon The cryptocurrency market also sees strong demand from institutional players, as evidenced by significant ETF inflows. This suggests that, despite short-term volatility, Bitcoin’s long-term outlook remains promising. When writing, BTC trades for $96,353, up slightly by 0.3% in the past day, with a current market capitalization of $1.9 trillion. Featured image created with 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 reached a new all-time high of $90,243 following a week of relentless upward momentum. After days marked by euphoria and rapid gains, the price is now entering a consolidation phase, providing a much-needed pause for the market. Key data from CryptoQuant indicates moderate selling pressure is emerging, which may signal a brief pullback or stabilization below the $90,000 mark. Related Reading: Dogecoin Could Target $2.4 If Price Aligns With Macro Pattern – Details This week will be pivotal in determining Bitcoin’s next steps as traders and investors watch if BTC will hold near the $90,000 supply level or retreat to test support around $80,000. With strong market fundamentals and continued interest from bullish investors, the potential for another rally remains high. However, a short consolidation period could offer healthier groundwork for BTC’s long-term ascent. All eyes will be on whether Bitcoin can sustain its current levels or if this cooling-off phase will allow buyers to re-enter lower demand zones, setting the stage for the next major price move. Bitcoin Selling Pressure Still Far From Peak Levels Bitcoin has reached a local top after setting a fresh all-time high, signaling a potential pause in its recent surge. Analysts and investors are watching closely, as BTC has a history of making aggressive moves once it starts trending upward. Despite this bullish momentum, many are exercising caution, anticipating that Bitcoin might need time to consolidate before pushing higher. According to key data from CryptoQuant analyst Axel Adler, the market is now experiencing moderate selling pressure. Adler’s analysis points to a possible consolidation phase, as short-term holders take profits. He specifically examines the short-term holder realized profit and loss data, which reveals that the current selling pressure is relatively mild compared to historical peak selling periods. In Adler’s view, this moderate pressure suggests that BTC’s recent rally might not end. He highlights clusters of intense selling seen in previous peaks, marked as Clusters #1, #2, and #3 on his chart, showing levels of selling pressure significantly higher than what we see today. This data implies that while some profit-taking is underway, it’s nowhere near the intense levels seen at past tops. Related Reading: Bitcoin Weekly RSI Entering Power Zone – Last Time BTC Soared 80% As Bitcoin approaches consolidation, this subdued selling pressure could set the foundation for a more stable rally. Investors are eyeing this moment to gauge whether BTC will gather strength for the next leg up or continue cooling off, forming a solid base around current levels before another potential breakout. BTC Testing New Supply Levels (Again) Bitcoin has officially entered a much-anticipated price discovery phase, recently marking a new all-time high of $90,243. Currently trading around $87,500, BTC has experienced days of intense buying pressure and record-setting highs. However, the market may see a period of consolidation below the $90,000 threshold as traders assess new demand levels, potentially around $80,000. The coming days will be critical in determining BTC’s short-term path. If Bitcoin holds above the $85,000 mark, this would signal resilience and likely encourage a push toward higher supply zones as bullish momentum builds. However, if BTC loses this level, a retracement to lower demand of nearly $82,000 could come into play, allowing for a more stable foundation before the next rally attempt. Related Reading: Ethereum Weekly Volume Hits $60 Billion As ETH Aims For Yearly Highs Analysts view this consolidation phase as necessary after BTC’s rapid ascent, as it allows the market to establish support. Holding within the current range would signal strength, suggesting that BTC is well-positioned for further gains. Investors are now watching closely, gauging whether BTC will secure its recent gains or find a brief reset before aiming for new heights. Featured image from Dall-E, chart from TradingView
Bitcoin has been on a major upward trajectory, recently hitting an all-time high (ATH) of above $89,000. As this milestone was crossed, a notable trend emerged with short-term holders transferring their holdings to major exchanges, particularly Binance. According to CryptoQuant analyst Joao Wedson, this behavior suggests that investors with shorter time horizons may be positioning themselves to take profits, leading to potential selling pressure in the market. What To Watch Out For Wedson highlighted that the concentration of Bitcoin deposits to a single exchange like Binance is worth close monitoring, as it could impact liquidity and price stability on the platform, potentially reverberating through the broader market. Related Reading: Is Bitcoin Now Overheating? Key Metrics Reveal Crucial Insights For Investors The CryptoQuant analyst emphasized three areas for market participants to watch closely. First, tracking the flow of BTC to exchanges, especially Binance, can provide insights into the potential scale of selling intent among short-term holders. As more coins flow to a major exchange, the potential for market impact rises, making it crucial to gauge the extent of any impending sell-off. Second, the impact on price volatility is expected to be significant as concentrated selling or profit-taking on Binance could create sharp movements, providing both challenges and opportunities for traders. The final area of focus, according to Wedson, is anticipating potential price movements based on these inflows and understanding how they may influence the broader market’s behavior. Bitcoin Market Correction Imminent? Meanwhile, further insights were provided by another CryptoQuant analyst known as “caueconomy.” This analyst pointed out that Bitcoin’s breakout of its previous all-time high has initiated a price discovery process. With this milestone, the market has seen heightened open interest levels, with more than $16 billion added to futures positions over the past week. This surge indicates a rise in leveraged positions, which can lead to heightened risk of corrections in the short term. Related Reading: Bitcoin Buying Pressure Rises, But Here’s Why A Pullback Could Be Coming However, the analyst emphasized that the market’s underlying fundamentals appear much more strong this time around, suggesting that any potential short-term corrections could be viewed as natural adjustments. Rather than signalling a broader downturn, these corrections may offer buying opportunities for investors looking to enter or accumulate during periods of market pullback. Bitcoin trades for $86,441, which has increased by 2.3% in the past day. Notably, this current trading price marks a 3.6% decline from BTC’s latest achieved all-time high of $89,864 earlier today. According to renowned crypto analyst known as Ali on X, key support levels for Bitcoin to watch are between $83,250 – $85,800 and $72,880 – $75,520. Featured image created with DALL-E, Chart from TradingView
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 movement of continuous uptrend has drawn the attention of market participants and analysts as it edges closer to creating a new all-time high, blasting through critical resistance levels. Amid this, a CryptoQuant analyst known as TraderOasis provided an in-depth analysis of Bitcoin’s market earlier today, suggesting the trajectory the asset could head to next. Related Reading: Analyst Predicts Bitcoin Bull Run: MVRV Metric Hints At $95K To $120K Target Analysis On Bitcoin Oasis explained that his previously outlined bullish scenario for the Range 0.5 structure had played out successfully, emphasizing the importance of Bitcoin’s previous all-time high (ATH) level as potential support. This level, represented by the blue line in his chart analysis (shown above), could be a critical marker for Bitcoin’s next phase, the analyst reveals. The analyst also highlighted the significance of the Coinbase Premium Index, which often indicates strong buying demand on Coinbase relative to other exchanges. Oasis noted that the bullish shift in this indicator was accompanied by an upward price move, marking an important resistance zone that Bitcoin needs to overcome to sustain its momentum. Furthermore, he pointed out that the open interest indicator, which tracks the total number of outstanding derivative contracts, was moving alongside the price. According to him, this is a positive signal indicating that market participation remains strong without signs of instability or excessive leverage. Rising Funding Rates And Exchange Netflow Observations TraderOasis also delved into another key metric: funding rates. These rates reflect the cost of holding long positions in perpetual futures contracts and can signal market sentiment. The analyst observed that funding rates had begun to rise again, suggesting that market participants are increasingly confident about further upward movement. However, he cautioned that this sentiment had not yet reached extreme levels that could indicate overheating or a potential correction. The analyst mentioned monitoring these levels is essential, as excessive funding rates often signal market tops or heightened volatility. Another aspect of analysis was the activity observed in exchange netflow for spot exchanges. According to Oasis, a significant sell-off was reflected in this indicator, which measures the net flow of Bitcoin into and out of exchanges. Given the potential for increased volatility, the analyst interpreted this as a signal to consider taking profits on long trades. This aligns with previous market patterns where high net inflows or outflows often foreshadow shifts in market sentiment and price direction. Related Reading: Bitcoin Path To $85K: Analysts Say It’s Behaving ‘As Predicted’ Meanwhile, Bitcoin so far appears to have found stability above $75,000 price mark following its latest ATH of $76,872 yesterday. At the time of writing, the asset currently trades for $75,820, up by 0.9% in the past day. Featured image created with DALL-E, Chart from TradingView
Bitcoin market trend may be on the verge of a significant shift, according to a recent analysis shared by CryptoQuant analyst Percival. Percival described Bitcoin’s current phase as “chopsolidation,” a term used to describe a period of minimal directional movement where price consolidation occurs without a clear trend. This period, he suggests, may be drawing to a close, with an imminent market movement expected in the coming weeks. The Chopsolidations metric, as Percival notes, doesn’t predict the direction of Bitcoin’s next move. Related Reading: Bitcoin Long-Term Holders Offload Over 177k BTC: Is A Price Surge Or Correction Next? Instead, it assesses the exhaustion level of the current trend, helping to determine whether Bitcoin’s price is due for a reversal or continuation. Percival’s analysis highlights that while there are indicators of strength at various points, the market remains divided on Bitcoin’s next direction. So far, some investors believe that recent accumulation is sufficient to push Bitcoin past its all-time high, while others expect a more cautious upward movement or even a potential correction. Assessing Bitcoin’s Support Levels And Potential Price Rebound Percival’s analysis further points to two key periods in September and October where Bitcoin established notable support levels, marked by brief but significant price stability zones. These areas, which he identified as orange zones on his chart (shared above), served as points where Bitcoin’s price “reloaded” — essentially, zones where demand was strong enough to halt price declines temporarily. With the current price hovering near these support levels, Percival suggests that the market may find a new bottom if Bitcoin faces any short-term downward pressure. This support could create a foundation for upward movement in the weeks ahead. The Chopsolidations indicator, according to the CryptoQuant analyst’s breakdown, is showing signs of readiness for a strong trend based on weekly and monthly readings. Although he did not specify a particular directional bias, he noted that the current market strength could be enough to drive Bitcoin’s price upwards if additional demand or a favorable macroeconomic environment aligns with market sentiment. This trend could play out over the short term, where sufficient market activity might lift Bitcoin’s price. Bitcoin Continuous Struggle To Make A Major Move So far, Bitcoin’s price has continued to face a struggle to make a significant move, especially to the upside. Instead, the asset has seen a form of calmness in volatility following its recent decline below the $70,000 price mark. Particularly, at the time of writing, the asset currently trades for $68,721—a price region BTC has remained quite stable for the past 3 days since its most recent decline. Featured image created with DALL-E, Chart from TradingView
The Bitcoin price action was marked by ups and downs in the just concluded week, serving as a reminder of the volatile nature of the digital asset. According to price data, Bitcoin has just completed a retest of the downward sloping trendline that has limited its price rallies since March. Related Reading: Bitcoin Breaks $73,000, Yet Google Searches Stay Stagnant—Is Hype Fading? As analyst EGRAG CRYPTO pointed out, the only thing left is for a complete body closure on the weekly timeframe. This closure will be pivotal in determining the next phase of Bitcoin’s price action, potentially setting the stage for a rally into new price territories. Bitcoin Completes Trendline Retest Technical analysis of the Bitcoin price indicates a breakout from a resistance trendline in the middle of October. Although this breakout saw the crypto breaking above $68,000 for the first time in three months, a consolidation shortly after suggested the work wasn’t done yet. However, Bitcoin started the just concluded week on a good form. Particularly, BTC rallied in the last three days of October from $66,900 on October 27 until it reached $73,540 on October 29. This represented an increase of about 10% in just two days. Interestingly, this was enough to complete a successful breakout of this resistance trendline. According to EGRAG CRYPTO, Bitcoin has successfully broken out and confirmed a retest phase. However, the breakout noted by the analyst is in a larger timeframe on the weekly candlestick chart. Looking at the Bitcoin price chart below, the initial breakout noted by EGRAG CRYPTO goes as far back as February 2024, when the top coin broke out above $47,000. What this means is that when looking at the weekly timeframe, Bitcoin’s journey to the peak/all-time high of $73,737 on March 14, the correction up until a low of $49,800 on August 5, and the recent return above $73,000 are all part of one large breakout and retest move that has played out for the last 38 weeks. What’s Next For Bitcoin? This sequence of price movements paints a picture of Bitcoin’s resilience and a prevalent bullish sentiment among traders. According to EGRAG, the pattern is super bullish and he expects the crypto to continue on this run. In terms of a price target, the analyst suggested a potential rise to the $90,000 to the $110,000 range by December 2024. This represents 32% and 62% returns, respectively, from the $68,000 breakout. Interestingly, EGRAG also noted that the only thing left to certify this run is for the price to close the week in a green zone. Related Reading: Will Bitcoin Hit $176K? Anthony Scaramucci Lays Out His High-Stakes Forecast At the time of writing, Bitcoin is trading at $68,500, down by about 1.9% in the past 24 hours. This minor pullback, however, does not seem to deter the overall bullish sentiment surrounding Bitcoin at the moment. Featured image from CNBC, chart from TradingView
Bitcoin price has seen many cycles over the years, marked by distinct growth phases, peaks, and corrections. To better understand these cycles, a CryptoQuant analyst, using the pseudonym ‘datascope,’ has highlighted the relevance of the UTXO Block Profit/Loss (P/L) Count Ratio Model. This tool offers unique insights into the balance of profitability and losses among Bitcoin market participants, serving as a lens to examine potential price reversals. By focusing on various moving averages, this model tracks price fluctuations and shows how profitability shifts within the market over time, offering clues about when new market peaks might form. Related Reading: Is Bitcoin’s Bull Market Just Beginning? Leveraged Bets Suggest Big Moves Are Coming Predicting Market Peaks Through Profit And Loss Ratios Datascope’s analysis highlights the significance of short, medium, and long-term trends captured by 7-day, 30-day, and 365-day moving averages. This multi-perspective approach is valuable for long-term investors and short-term traders, as it distinguishes between shifts impacting immediate market movements and those affecting longer-term cycles. The model demonstrates that changes in the profitability ratio are critical for gauging market sentiment and potential price movements. As Datascope explains, a decrease in overall profitability ratios suggests that short- and medium-term trading strategies may now be more practical, responding to a market less defined by extreme long-term price swings. One of the key findings from the UTXO P/L model is the behavior of the 30-day profit and loss ratio relative to the 365-day moving average. Datascope noted that when the 30-day ratio rises above the 365-day average, it could signal a new price peak. In simple terms, crossing short- and long-term profitability lines indicates that investor sentiment is shifting towards more profitable conditions. Price increases have historically followed this occurrence as optimism fuels further buying pressure. For instance, the analyst pointed out that while economic conditions varied between 2021 and 2022, similar trends were observed in the model during both years, particularly in how the profit and loss ratio used the annual moving average as a resistance line. Datascope suggests that if the profit and loss metrics consistently stay above the annual average, Bitcoin may be on track to establish new highs. Bitcoin Market Performance Meanwhile, Bitcoin is seeing an increase in price following a recent correction that led to the asset’s price falling below $70,000 yesterday. Related Reading: Bitcoin Price To New ATH Soon? Analyst Who Called $72,000 Surge Reveals What Needs To Happen Bitcoin currently trades for $70,379, down by 0.9% in the past day. Before this decrease, the asset experienced a surge, recording a 24-hour of $71,500. Featured image created with DALL-E, Chart from TradingView
Bitcoin is currently trading above $69,000, following a 6% pullback from its recent peak at $73,600. The recent surge in open interest has been a key factor in driving BTC’s price action, with open interest reaching $23.9 billion on October 30, a significant uptick that indicated high market engagement. However, in the past 24 hours, data from CryptoQuant reveals a $2.1 billion decline in open interest, signaling a shift as BTC’s price retraces to lower levels. Related Reading: Dogwifhat (WIF) Prepares For A Bullish Breakout – Analyst Sets $3 Target This cooling off has led analysts to closely watch for renewed buying interest from spot investors, which could provide the fuel needed for BTC to rally once more. With Bitcoin hovering near key support levels, a push from spot investors could potentially set the stage for a strong rebound. The next few days will be pivotal as traders and analysts alike await fresh inflows that may reinforce BTC’s resilience and prepare it for another test of its all-time highs. As BTC holds around $69,000, market sentiment remains cautiously optimistic, with eyes on spot activity to gauge whether this retracement phase could soon give way to renewed momentum. Bitcoin Hype Slowing Down? Bitcoin has recently captured market excitement, coming within 1% of its March all-time high and fueling speculation of a massive breakout. However, this momentum appears to be losing steam, as BTC has yet to establish a new high, and open interest—a measure of the total value of futures contracts—has begun to shrink. Renowned analyst Axel Adler recently shared key data on X, revealing a $2.1 billion reduction in open interest within the last 24 hours. This decline, from a peak of $23.9 billion to $21.8 billion, indicates that speculative futures trading alone may not be sufficient to push Bitcoin to new heights. Adler suggests that for Bitcoin to break past this barrier, spot investors—the market participants who buy BTC directly rather than through derivatives—must step in to drive demand. With futures markets retreating, fresh buying from spot investors could be the needed catalyst to take Bitcoin above its all-time high and set the stage for further gains. Related Reading: Ethereum Holds Key Support To Set A $6,000 Target – Analyst The timing is crucial, as Bitcoin is currently trading close to its historical peak, and the upcoming U.S. election on November 5 adds another layer of potential market volatility. Many market participants are eyeing the election as a potential driver of a broader market rally, with a Bitcoin bull run possibly following a political catalyst. For now, Bitcoin hovers just below its all-time high, and while the futures market pulls back, attention shifts to spot buying as a key factor in determining whether BTC can resume its upward trajectory. As BTC holds near record levels, the next few days will be pivotal in defining its short-term direction and potential for a new bull phase. BTC Holding Above Key Levels Bitcoin is currently trading above the critical $69,000 mark, which previously acted as strong resistance since late July. Holding this level as support is essential for bulls aiming to push BTC toward new all-time highs. If Bitcoin manages to consolidate above $69,000, the stage could be set for a breakthrough into uncharted territory and a price discovery phase. However, should BTC retrace below this level, it would signal that the asset needs additional momentum to test and surpass its all-time high. In the event of a pullback, $66,500 stands out as the next critical support. This level would maintain Bitcoin’s bullish structure while providing a solid base for a potential rebound. Such a dip could attract fresh buying interest and add necessary fuel to Bitcoin’s rally, preparing the market for a renewed attempt at price discovery. Related Reading: Dogecoin Metrics Reveal Increasing Network Activity – Is DOGE Ready To Break Yearly Highs? As BTC hovers above this significant support level, traders are closely watching for signs of sustained strength or a healthy retracement to solidify the base before the next leg up. Holding above $69,000 is key, but even a temporary decline to $66,500 would keep Bitcoin’s broader bullish outlook intact. Featured image from Dall-E, chart from TradingView
Bitcoin is on the verge of breaking its all-time high, and investors feel the euphoria as BTC approaches a pivotal point. Market anticipation is building, with many expecting a strong surge once BTC enters price discovery and moves into uncharted territory. Critical data from Glassnode reveals an interesting sentiment among long-term holders: despite the rally, […]
Bitcoin has been trading in a tight 4-hour range between $71,300 and $73,300 since Tuesday, setting the stage for a significant move in the coming days. Analysts and investors closely watch this range as BTC inches closer to its all-time high (ATH). Top analyst Axel Adler recently shared key data from CryptoQuant, noting that trading volume has steadily decreased as Bitcoin remains within these levels. Typically, this volume decline signals consolidation, a phase often preceding a major price swing. Related Reading: Dogecoin Metrics Reveal Increasing Network Activity – Is DOGE Ready To Break Yearly Highs? Anticipation is building with the U.S. election just around the corner on November 5. Market sentiment is optimistic, and many expect Bitcoin to break out of this range soon, either pushing into new highs or experiencing a healthy retrace to fuel further growth. The coming days will be pivotal for Bitcoin’s trajectory as traders assess whether the consolidation period will lead to a breakthrough into uncharted territory. As BTC flirts with its ATH, the stage is set for a decisive move that could shape the market’s direction through the end of the year. Bitcoin Price About To Move Bitcoin is at a defining point in this cycle, nearing the end of a 7-month accumulation period and poised to test new all-time highs. CryptoQuant analyst Axel Adler has noted in a recent analysis on X that BTC is currently range-bound, trading between $72,900 resistance and $71,400 support, with trading volumes showing a gradual decline. According to Adler, this reduced volume in Bitcoin’s confined range hints at an impending breakout. However, a new catalyst appears necessary to drive this shift and launch BTC past its previous highs. The upcoming U.S. election may be that catalyst, with potential market impacts depending on the outcome. Market sentiment suggests that a Trump victory could stimulate bullish sentiment in the financial markets, possibly positively influencing Bitcoin’s price trajectory. Investors are eyeing this pivotal event as a possible trigger to push BTC beyond the $73,794 mark, its all-time high, into uncharted price territory. Related Reading: Ethereum Holds Key Support To Set A $6,000 Target – Analyst A successful breakout from the current range could usher Bitcoin into price discovery mode, where FOMO (fear of missing out) could drive buying pressure, amplifying the surge. On the other hand, if BTC fails to secure a new high, it may dip back toward lower support levels, potentially consolidating further until the necessary momentum builds. BTC Flirting With ATH Bitcoin is holding strong above $72,000, inching closer to breaking its all-time high (ATH) and entering a price discovery phase. Price discovery typically ushers in significant gains, as fresh highs fuel market optimism and buying pressure. However, BTC has yet to decisively break past its previous ATH of $73,794, and a temporary decline below $70,000 remains a possibility if demand doesn’t strengthen soon. The $71,000 support level now serves as a critical base for BTC. If the price holds above this mark in the coming days, momentum will likely build for a solid attempt to break the ATH, potentially triggering a new wave of bullish sentiment. Traders and investors closely watch BTC’s performance at these levels, knowing that any sustained movement above $73,794 could signal the start of a powerful uptrend as Bitcoin pushes into uncharted territory. Related Reading: Cardano Might See A Massive Pump Around November 18 – Analyst Exposes 2020 Similarities Meanwhile, a short retrace to lower support levels might provide the liquidity needed to propel BTC beyond its current resistance. Whether through a direct push or a minor pullback, Bitcoin’s resilience above $72,000 sets the stage for an imminent test of ATH, with price discovery and new highs on the horizon. Featured image from Dall-E, chart from TradingView
Bitcoin surged past $73,000 yesterday, nearly breaking its all-time high and sparking a wave of optimism and euphoria across the market. This significant price movement has fueled hopes for BTC’s push into price discovery and new, uncharted territory. Key data from CryptoQuant reveals that institutional demand for Bitcoin is rising, with notable inflows into custodial […]
The recent activity in Bitcoin price and demand metrics suggests a potential resurgence in market interest, which could lead to a renewed all-time high. So far, Bitcoin has recently achieved a significant price rebound, reclaiming a trading level above $70,000 after a sustained period of resistance just below this price mark. This uptrend follows a 5% increase over the past 24 hours, positioning Bitcoin for $71,933 at the time of writing. One factor influencing this rally is a heightened demand reflected in stablecoin movements, a metric often used to gauge market sentiment and potential buy-in for Bitcoin, CryptoQuant analyst BinhDang highlighted this in a recent post on the CryptoQuant QuickTake Platform. Related Reading: Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs On The Horizon Stablecoin Supply Ratio Oscillator Reflects Demand Surge BinhDang highlighted that the Stablecoin Supply Ratio Oscillator (SSRO) has reached levels previously seen during Bitcoin’s lows, notably those observed in November 2022. The analyst noted: Since Bitcoin bottomed in November 2022, the 90-day and 200-day oscillators have seen lows similar to that bottom during the 3 months of Q3 2024. Notably, the SSRO tool, which gauges the ratio of Bitcoin’s market cap to that of prominent stablecoins like USDT, USDC, BUSD, and others, is a barometer for tracking Bitcoin’s demand relative to stablecoin supply. The oscillator measures the extent to which stablecoins, commonly used for Bitcoin purchases, flow into Bitcoin and thus signal purchasing interest. When the oscillator shows low values, as it did during Bitcoin’s November 2022 low, it implies that stablecoins are more likely to be converted into Bitcoin, increasing demand. This trend has resulted in Bitcoin crossing the $70,000 threshold, encouraging investor sentiment and speculation regarding potential future highs. New Bitcoin ATH On The Horizon? According to BinhDang, BTC could continue its upward movement if the demand holds steady and aligns with favorable macroeconomic data or upcoming election insights. BinhDang wrote: SSRO indicates high demands on the average quarterly data set (90d), breaking above the positive 2-points. If demand continues to sustain and the announcements and news in early November include some favorable macro and election data, a move to and break above the positive 3-points is possible. The analyst notes that a rise above the SSRO’s positive three-point level has coincided with strong bullish cycles in previous periods, specifically in January 2023, October 2023, and February 2024. While BTC has consistently seen increases in price over the past days touching nearly $72,000 today, the asset’s daily trading volume has been on the same trend. Related Reading: Bitcoin Triggers Golden Cross: What This Means For The Crypto Trend Particularly, data from CoinGecko shows that in the past 7 days, Bitcoin’s 24-hour trading volume has risen from below $35 billion, as seen last Tuesday, to as high as $51.6 billion. Featured image created with DALL-E, Chart from TradingView
Bitcoin is currently trading at $66,800 after a week of significant volatility. The price has stabilized above the crucial $65,000 support level, signaling resilience as the market takes a breather after several weeks of heightened excitement. This consolidation phase below the key $70,000 mark suggests that BTC may be preparing for its next major move. […]
Bitcoin has been on an impressive surge since early September, rising by 31% from local lows around $53,000. However, after testing the $69,500 supply level, the cryptocurrency faces selling pressure. Despite this, Bitcoin remains strong, holding above the previous high of around $66,000, a crucial level determining its next move. Related Reading: Solana Could ‘Go Parabolic’ Starting Today – Analyst Sets $370 Target Key data from CryptoQuant reveals that, despite recent bearish attempts, bears are losing control in the futures market. A key indicator has flipped bullish for the first time since July, suggesting that the current selling pressure may not be enough to push Bitcoin lower. With Bitcoin in a critical phase, holding above the $66,000 level would signal continued strength and maintain the uptrend for the coming weeks. Investors are watching closely, as Bitcoin’s ability to stay above this support could pave the way for new highs and further momentum in the bullish cycle. Bitcoin Taker Buyers Starting To Breathe Crypto analyst Maartunn shared recent data from CryptoQuant, revealing that Bitcoin taker buyers in the futures market have struggled to gain an advantage over taker sellers throughout the past year. Maartunn highlighted a chart showing that the BTC net taker volume has turned positive for the first time since July, signaling a potential shift in momentum. The present trend change suggests that bears are beginning to lose control over Bitcoin’s price action, with buyers starting to gain strength. This data points to an accumulation phase, where Bitcoin’s price has been suppressed by large investors, keeping it from making significant gains or marking new monthly lows. The fact that BTC hasn’t posted new lows despite previous bearish pressure reinforces the view that an accumulation period may end, and a new bullish phase could be on the horizon. Related Reading: Ethereum Bullish Breakout Confirmed – Top Analyst Predicts $3,400 Target The coming weeks are critical for Bitcoin, particularly with the approaching U.S. presidential election on November 5. Historically, elections introduce volatility and uncertainty into financial markets; this year is no exception. Broader market trends likely influence Bitcoin’s price action, and traders are watching closely to see how BTC responds to these developments. If Bitcoin maintains its upward momentum, a rally to new highs could follow in the weeks after the election. BTC Testing Crucial Support Bitcoin is currently trading at $66,400 after a healthy retrace from its recent high of $69,500. The price now finds support at $66,000, which acted as a key resistance in late September and has since flipped into a crucial demand zone for BTC. This support is essential for the bulls to maintain control, as holding above $66,000 signals strength and keeps the momentum alive for another attempt at breaking the $70,000 mark. If Bitcoin can hold steady above this support level, the next logical target would be to challenge the $70,000 resistance, which has proven difficult to breach. A successful push past this level would likely trigger further upside, potentially driving BTC into new price discovery. Related Reading: Dogecoin Breaks Above $0.12 Level – Time For DOGE To Catch Up? However, if the price exceeds $66,000, a retrace to lower demand levels could occur. In this case, the daily 200 moving average at $63,300 is the next key area where Bitcoin could find support before resuming its upward trend. The coming days will be crucial in determining whether BTC can maintain its bullish trajectory or if a deeper pullback is on the horizon. Featured image from Dall-E, chart from TradingView