- Technical Analysts Discuss Bitcoin’s Future
- Whale Activity Increases
- Market Outlook and Connection to Gold
In the last 24 hours, Bitcoin’s price rose approximately 3% to reach $64,082. However, the leading cryptocurrency faced significant resistance at the $64,000 level, which coincides with its 200-day moving average.
Technical Analysts Discuss Bitcoin’s Future
Due to price volatility, over $50 million worth of Bitcoin has been liquidated in the leveraged market. The largest liquidation occurred on the OKX exchange, involving a $5 million transaction. Analysts believe that Bitcoin’s price may retreat further in the coming days before reaching its all-time high. According to popular crypto analyst Ali Martinez, the TD Sequential indicator signaled a sell for Bitcoin, suggesting a medium-term correction this weekend.
Whale Activity Increases
On-chain data analysis indicates that large Bitcoin investors, known as whales, have significantly increased their trading activities, primarily led by miners. In the past 30 days, Bitcoin supply across various exchanges has decreased by over 96,600. During the last four weeks, Bitcoin supply on Coinbase and Binance dropped to 15,100 and 58,300, respectively. The notable decline on Coinbase was largely influenced by increased demand from spot Bitcoin ETF issuers.
Market Outlook and Connection to Gold
Following the Fed’s initiation of its first interest rate cut since the COVID-19 pandemic, the Bank of Japan aligned with market expectations by keeping interest rates at 0.25%. As a result, the ongoing global economic changes may provide significant liquidity to the cryptocurrency market during this bull phase. Moreover, the crypto industry is expected to exhibit an upward trend, particularly by following the valuable metal market, especially gold. Early today, gold prices surpassed $2,609 per ounce, reaching an all-time high.
Technical indicators and whale movements present both risks and opportunities for the market. Increased institutional interest in spot Bitcoin ETFs and reactivated miners provide vital clues on how the market may evolve in the coming times. Therefore, it is crucial for investors to analyze market dynamics carefully and adjust their strategies accordingly.
Comments