🚀 Bitcoin's Local Bottom: Is it Time for a Bullish Surge?
💪 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.
📉 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.
📊 Long positions took a hit during the decline, but key liquidity levels at $68,900-$69,300 and $56,800-$57,400 held strong.
⚡️ A fresh liquidity cluster in the $66,500-$66,800 range suggests that Bitcoin might aim for this zone soon.
⏰ Despite its rollercoaster ride between $55K and $75K, Bitcoin remains above the 100-week moving average (100MA), showing resilience on a macro level.
🖥 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?
🔮 The Coinbase Premium tool on CryptoQuant adds to the optimism with a golden cross indicating a potential short-term boost for BTC.
🇺🇸 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.
🐋 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.
✨ 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!
