đš Bitcoin Whales Are Making Waves: Purchases on the Rise! đđ
Bitcoin ($BTC ) is on the verge of a major breakout, inching closer to the $69,000 mark and signaling the start of the bull season as whale activity ramps up! đ This surge in buying has investors and analysts buzzing with anticipation for new all-time highs.
đ Key Insights:
Whale Activity: After dipping to $59,000 on October 10, there was a net increase of 268 wallets holding 100 to 1,000 BTC. This surge indicates that large investors are positioning themselves for a significant price rally.
Current Trading Level: Bitcoin is now trading at $68,383, testing critical supply levels. It had a brief pause at $68,998 and is gearing up for new highs.
Resistance at $70,000: This level has been a stubborn resistance point, triggering sell-offs five times in the past seven months. However, the increasing purchases from whales suggest this resistance could be weakening.
đ Critical Moving Averages: Staying above the 200-day moving average ($63,322) is crucial for maintaining upward momentum. Analysts believe that if Bitcoin can break through the $70,000 barrier, it could open the floodgates for a new rally. But if it fails, a correction may occur, potentially increasing market liquidity and setting the stage for a fresh rally.
đĄ Market Outlook: Renowned analyst Ali Martinez excitedly predicted on October 18 that Bitcoin could test $78,000 if it breaks out of the current falling channel structure.
The next few days will be pivotal in determining Bitcoinâs long-term trajectory. Keep your eyes peeled and stay tuned for whatâs next! đ
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