đ Bitcoin's Local Bottom: Is it Time for a Bullish Surge?
đȘ Bitcoin has weathered the storm, bouncing back from geopolitical tensions with Israel and Iran. With a current price of around $62K, it's eyeing the $63K mark once again.
đ The recent liquidation frenzy might have set a local bottom, signaling a potential upward swing for BTC. This could be the month's lowest point.
đ Long positions took a hit during the decline, but key liquidity levels at $68,900-$69,300 and $56,800-$57,400 held strong.
âĄïž A fresh liquidity cluster in the $66,500-$66,800 range suggests that Bitcoin might aim for this zone soon.
â° Despite its rollercoaster ride between $55K and $75K, Bitcoin remains above the 100-week moving average (100MA), showing resilience on a macro level.
đ„ It's been 170 days since the last halving, and historical patterns indicate that new all-time highs tend to emerge around 1,080 days after the previous peak. Could we be on track?
đź The Coinbase Premium tool on CryptoQuant adds to the optimism with a golden cross indicating a potential short-term boost for BTC.
đșđž U.S. spot ETFs are also jumping on the Bitcoin bandwagon, buying up 7K BTC in September alone. If this trend continues, Q4 2024 could see even more gains.
đ Whales are playing it cool, holding onto their BTC with historically low profit-taking. They're spreading their holdings across fewer addresses, suggesting they're in it for the long haul.
âš With liquidations behind us, ETF demand rising, and whales staying put, all signs point to Bitcoin's potential surge from this local bottom. Buckle up for a possible bullish ride!