In the past 30 weeks, it has been observed that the price of Bitcoin has consistently encountered resistance at the $31,000 level. Throughout this year, this level has served as a buying opportunity for both investors and institutions. 

Amid the ongoing potential approval of BlackRock’s spot Bitcoin ETF, there has been significant investor interest in the cryptocurrency market, resulting in a breakout above the $31,000 level.

80% of Bitcoin holders are in profit 

According to recent data from IntoTheBlock, an on-chain analytics firm, with Bitcoin trading above the $34,000 level, approximately 80% of Bitcoin holders are currently in profit. This marks the highest percentage since May 2021, during the bull market.

Source: IntoTheBlock

In the event of a pullback, the $31,000 level will now serve as strong support, and according to data from an on-chain analytics firm, there are no significant hurdles or resistances until the $40,000 level. Furthermore, data from TradingView shows that Bitcoin has also made a significant 30% move in the last 30 days.

Also Read: Bitcoin hits a 52-week high as BlackRock’s ETF approval buzz

However, a popular crypto analyst, Ali, mentioned in his recent post on X (formerly Twitter) that the next resistance levels for Bitcoin will be in two areas: one at $38,440 and another at $47,360. This suggests that we may witness a significant price movement before a halving event.

#Bitcoin built a massive support barrier between $25,000 and $30,000. The UTXO Realized Price Distribution (URPD) model now suggests the next two critical areas of resistance for $BTC are $38,440 and $47,360! pic.twitter.com/tdgdYYiMnW

— Ali (@ali_charts) October 24, 2023

Bullish signals from technical analysis 

As per technical analysis, there is a clear and strong breakout from a cup and handle pattern on the weekly timeframe, which is a bullish sign for Bitcoin. It indicates a bullish trend continuing until it encounters its next resistance at the $48,000 level. While there may be some obstacles along the way, the overall price action and sentiment in the crypto market are bullish. 

Source: Todayq News (TradingView)

On October 23, 2023, Morgan Stanley’s wealth management division predicted a substantial upward momentum for Bitcoin after the halving event. This aligns with the current market sentiment. Notably, as of October 24, 2023, Bitcoin has surpassed its 52-week high, as reported by Todayq News.

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