Can Bitcoin hold the $64,000 mark? The next few weeks will tell
Bitcoin (BTC) closed above its 200-day moving average for the first time in September, reaching a high of around $64,800. However, as of Wednesday afternoon London time, the price fell back below $64,000. Currently, BTC is at the key $64,000 support/resistance level, which will determine the price direction in the next few weeks.
Price expectations
If BTC can hold above $64,000, the fourth quarter is expected to continue to rise and hit new highs. Conversely, if it fails to break through this resistance level, it may see new lows on the weekly chart.
Whale investor movements
Although Bitcoin has weakened since its record high of $73,800 six months ago, market sentiment has warmed in the short term. Historical data shows that the fourth quarter tends to be bullish.
On-chain data shows that three whale investors have withdrawn about $300 million in Bitcoin from Binance in the past 24 hours, and more than 97,000 BTC have flowed out of centralized exchanges in the past 30 days, indicating that the supply of Bitcoin on exchanges is decreasing.
Market Outlook
The current global economic landscape is changing rapidly against the backdrop of tensions in the Middle East and escalating conflicts between Russia and NATO. Gold prices have soared to all-time highs as investors seek to hedge against inflation and uncertainty.
At the same time, major economies such as the United States, Europe, China and Canada have cut interest rates to stimulate the short-term economy. Countries such as El Salvador and Bhutan are seeing increasing demand for Bitcoin, and institutional investors such as MicroStrategy are also continuing to accumulate Bitcoin.
In general, the current trend of Bitcoin and changes in whale investment have brought uncertainty and opportunities to the market. Investors need to pay close attention to whether BTC can hold $64,000, while making judgments based on the global economic and geopolitical situation.
