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Bitcoin (BTC) closed above its 200-day moving average for the first time in September, when the price peaked at around $64,755, but it had fallen below $64,000 by Wednesday afternoon.

Bitcoin is currently sitting at this critical support/resistance level, near the $64,000 level, which will determine its price movements in the coming weeks.

Bitcoin Price Prediction

If Bitcoin manages to stay above $64,000 in the coming weeks, an upward trend towards new record highs could develop in Q4.

Conversely, if the price fails to break above the $64,000 resistance level, there is a possibility of a fresh decline on the weekly timeframe.

Whale investor movements

Although Bitcoin has been trending lower, having hit an all-time high of around $73,800 six months ago, optimism is growing in the short term, as almost every fourth quarter tends to show bullish market trends.

On the other hand, on-chain data analysis indicates that three whale investors have withdrawn nearly $300 million worth of Bitcoin from Binance in the last 24 hours, with more than 97,000 Bitcoin withdrawn from centralized exchanges in the last 30 days.

This indicates a decrease in the supply of Bitcoin on centralized exchanges.

Market Overview

Global economic transformations are accelerating amid rising geopolitical tensions in the Middle East and conflicts between Russia and NATO. Gold prices have risen to a record high of around $2,655 per ounce, reflecting the growing need for protection from inflation and global uncertainty.

At the same time, major economies, including the United States, the European Union, Canada and China, have begun cutting interest rates to stimulate near-term growth.

In addition, demand for Bitcoin is increasing, led by countries like El Salvador and Bhutan, and this is expected to continue to impact the long-term accumulation plans of institutional investors, like MicroStrategy.

In short, the current Bitcoin price action and the increase in whale investments indicate uncertainty and opportunities ahead. While investors watch for the price to sustain above $64, they should take into account the interaction of market dynamics with broader economic and geopolitical developments.

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