Whale Accumulation Patterns Predict Major Bitcoin Price Shift—Details Inside!
- Analyst Christopher Inks Highlights Bitcoin’s Test of Resistance Turned Support, Aiming for Break Above Swing High.
- Whale Holdings Approach Record Levels with 670,000 BTC, Signaling Strong Market Confidence in Upcoming Price Movements.
In recent financial news, Bitcoin has successfully climbed back to a trading price of $68,194, according to data from ETHNews. This recovery marks a 14% increase over the past two weeks, positioning the cryptocurrency just 7.6% below its peak price recorded in March.
Christopher Inks, a noted trading analyst, observed that Bitcoin has retested a former resistance level as support and is now attempting to surpass the swing high from its initial breakthrough. This technical movement suggests a potential for further gains if the momentum can be sustained.
#Bitcoin retested resistance as support and is attempting to break out above the initial breakout’s swing high this morning. $BTC https://t.co/vfWvVvogSy pic.twitter.com/0aQPwnsCnA
— Christopher Inks (@TXWestCapital) October 24, 2024
On October 29, Bitcoin momentarily spiked above $69,000 but failed to hold at this level, as selling pressure overcame the initial surge. Despite this setback, the broader market sentiment appears bullish, especially considering the recent activities of Bitcoin whales—investors holding large quantities of the cryptocurrency.
CryptoQuant, a platform that provides crypto market data, reported that Bitcoin whale holdings are nearing an all-time high, with these large investors holding approximately 670,000 BTC. This accumulation by whales is generally viewed as a positive indicator for Bitcoin’s market strength and potential for future price increases.
Furthermore, amidst this rally, an early Bitcoin investor from 2009 has continued to sell off their holdings, indicating that some long-term holders are choosing to realize gains as the market rises.
This selling activity adds an interest to the cryptomarket’s movements, as it could either provide buying opportunities for new investors or increase selling pressure, affecting Bitcoin’s price trajectory.
The current price of Bitcoin (BTC) is approximately $68,470, with a gain of +2.81%.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitwise Says "Key to ETFs Will Be New SEC Chair", Says Surprise Altcoin Could Get Approval Easier Than Solana and XRP
Bitwise Chief Compliance Officer (CCO) Katherine Dowling said that the Dogecoin ETF has an advantage over Solana and XRP.
Partnership Offer from Surprise Altcoin to Elon Musk!
Hedera (HBAR) has announced that it wants to integrate its blockchain with DOGE.
Important Statements About Interest Rates Came From Senior FED Governor Barkin! "Are Interest Rate Cuts Over or Will They Continue?"
Richmond Fed President Thomas Barkin said the Fed is still leaning toward lowering interest rates this year.
Why is AI + Crypto an inevitable choice for a market turning point?
Despite the current rampant disorderly speedruns and insider issuance methods, which have triggered ongoing instability in the AI Agent on-chain market (PVP), its core remains unchanged: transparent, user-centric, and traceable.