Bitcoin struggles to sustain gains, dropping below $70K.
Whale activity sparks concern, but accumulation trends suggest potential bullish recovery.
Bitcoin (BTC) recently faced a sharp decline after touching impressive highs. On 30 October, BTC surged to $73,500, continuing its pattern of “Uptober” gains. However, it failed to sustain momentum, slipping below the crucial $70,000 level. As of now, Bitcoin is trading around $69,561, reflecting a slight 0.07% uptick in the past 24 hours, while trading volume has dropped by 0.65%, according to CoinMarketCap data.
Over the past week, Bitcoin recorded a 4% increase. Still, bearish sentiment crept back into the market following a significant 4% drop over the past 24 hours, likely influenced by whale activity. Whale Alerts reported a massive transfer of 8,000 BTC (valued at $567 million) from an unknown wallet to Coinbase. Typically, such movements can spark concerns about sell-offs, but on-chain analysis from Lookonchain suggested a different scenario. A whale appeared to buy the dip, acquiring 550 BTC worth $38.68 million.
Nevertheless, Bitcoin’s Relative Strength Index (RSI) showed a decline, reflecting weakened momentum.
Meanwhile, Institutional leaders remain highly bullish on Bitcoin. For example, Michael Saylor, former CEO of MicroStrategy, commented recently that Bitcoin is succeeding faster than any monetary economic idea in the history of the world.
Can Bitcoin Bulls Own The November?
Technical indicators reveal mixed signals. The 9-day Moving Average (MA) remains above the 21-day MA, indicating bullish potential. Bitcoin’s support sits near $68,590; holding this level could push BTC back toward the $73,000 mark. However, if it fails, a decline to $66,000 could be on the horizon.
Bitcoin Price Chart, Source: Sanbase
Moreover, market sentiment indicators like the Fear and Greed Index also flashed “extreme greed” on Thursday. Historically, this has hinted at market corrections, and recent liquidations of over $250 million in bullish futures further emphasize investor caution. With U.S. elections approaching and global economic uncertainties, BTC’s outlook remains volatile.
Bulls aim to break resistance at $71,500, while bears threaten further losses if Bitcoin falters. Traders should monitor volume trends and macroeconomic factors closely.
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