On November 24, Bitcoin price officially broke through the $38,000 resistance level and once reached $38,400. This action confirmed that BTC has officially set a new peak this year. From here on, new signals emerge that deserve attention.

The downward trend has passed and Bitcoin has officially entered a new stage

From a technical perspective, the “downtrend trough” can be marked by the EMA34 and EMA89 weekly frames. A negative cross between these two EMA lines confirms that price will continue to fall, and a positive cross confirms that price will continue to rise.

Ignoring the strong pullback in March 2020 (although the correction was not large enough to generate a reversal signal), overall the trend predicted by this signal is correct.

比特币价格分析每周框架与 EMA34 和 EMA89。

  • As of the last week of November, BTC prices have entered their sixth consecutive week of gains. In the history of BTC prices, the phenomenon of green candles for 6 weeks or more is usually when an uptrend is already close to the halfway point, meaning it is continuing to rise.

  • As a result of the continuous rise in the past two months, EMA34 was lowered to EMA89 on the weekly frame. As mentioned above, this signal confirms that Bitcoin has exited the 2023 “trough”.

When price moves, these two EMA lines also move. On the way out of the bottom, BTC price retraced to one of the two EMA lines mentioned above, then continued higher and established a new ATH. Sometimes adjustments are made after a few months.

Bitcoin Fund Holdings Officially Hits All-Time Price High

CryptoQuant’s Bitcoin Fund Holdings data aggregates the amount of BTC held by trusts, ETFs, and institutional investment funds. Through this data, it is possible to comment on institutional investors’ vision and expectations for Bitcoin.

比特币基金持有数据。

  • It can be seen that the amount of BTC held by the fund synchronizes with the price of Bitcoin most of the time. What is special about the 2022 decline period is that although the price of BTC continues to fall, even falling below $16,000, this amount of BTC has not decreased further. This proves that the fund’s expectations for BTC price growth have not been extinguished.

  • In November this year, the number of BTC held by the fund reached a new high, which means that the number of BTC held was even higher than when the BTC price rose to its peak of $69,000. According to a report by CryptoQuant analyst @binhdangg1, Bitcoin Fund Holdings has officially hit an all-time price high of over 25,000 BTC.

However, the above data still does not include the huge amount of Bitcoin accumulated by financial entities such as Grayscale and BlackRock in preparation for the approved Bitcoin spot ETF. As a result, most of Bitcoin's supply is collected by funds, and Bitcoin is expected to establish a new, brighter ATH soon.

TETHER Whales Show Signs They Are Spending USDT To Support Bitcoin Price To ATH

Large entities holding large amounts of USDT are the ones poised to purchase BTC and create the best momentum in the market. Balance fluctuation statistics for the 100 largest Tether wallets on the market show that they appear to be spending their USDT holdings, which has caused BTC prices to remain high in recent days.

比特币价格在市场上 100 个最大的 Tether 钱包的余额中波动。

  • Data from Santiment shows that starting in August, when the price of Bitcoin fell to the $25,000 area, the stablecoin elephant price accumulated a large amount of funds ready to buy Bitcoin. This balance continued to increase until the first half of November, during which time Tether whales both consumed and accumulated USDT, according to data from BeInCrypto.

  • By the second half of November, when Bitcoin prices continued to maintain highs above $35,000, the balances of these wallets showed signs of decreasing. Santiment believes that the decrease in USDT volume is because it is used to support higher Bitcoin prices.

This is a good sign to expect Bitcoin price growth in the near future. But looking further, when USDT whales want to spend their existing money and no longer accumulate USDT, it means that their purchasing power will gradually decrease in the future.

#BTC #ETH #BLAST #Onchain #Kyberswap

[Disclaimer] There are risks in the market, so investment needs to be cautious. This article does not constitute investment advice and users should consider whether any opinions, views or conclusions contained in this article are appropriate for their particular circumstances. Invest accordingly and do so at your own risk.