Bitcoin has been on an impressive surge since early September, rising by 31% from local lows around $53,000. However, after testing the $69,500 supply level, the cryptocurrency faces selling pressure. Despite this, Bitcoin remains strong, holding above the previous high of around $66,000, a crucial level determining its next move. Related Reading: Solana Could ‘Go Parabolic’ Starting Today – Analyst Sets $370 Target Key data from CryptoQuant reveals that, despite recent bearish attempts, bears are losing control in the futures market. A key indicator has flipped bullish for the first time since July, suggesting that the current selling pressure may not be enough to push Bitcoin lower. With Bitcoin in a critical phase, holding above the $66,000 level would signal continued strength and maintain the uptrend for the coming weeks. Investors are watching closely, as Bitcoin’s ability to stay above this support could pave the way for new highs and further momentum in the bullish cycle. Bitcoin Taker Buyers Starting To Breathe Crypto analyst Maartunn shared recent data from CryptoQuant, revealing that Bitcoin taker buyers in the futures market have struggled to gain an advantage over taker sellers throughout the past year. Maartunn highlighted a chart showing that the BTC net taker volume has turned positive for the first time since July, signaling a potential shift in momentum. The present trend change suggests that bears are beginning to lose control over Bitcoin’s price action, with buyers starting to gain strength. This data points to an accumulation phase, where Bitcoin’s price has been suppressed by large investors, keeping it from making significant gains or marking new monthly lows. The fact that BTC hasn’t posted new lows despite previous bearish pressure reinforces the view that an accumulation period may end, and a new bullish phase could be on the horizon. Related Reading: Ethereum Bullish Breakout Confirmed – Top Analyst Predicts $3,400 Target The coming weeks are critical for Bitcoin, particularly with the approaching U.S. presidential election on November 5. Historically, elections introduce volatility and uncertainty into financial markets; this year is no exception. Broader market trends likely influence Bitcoin’s price action, and traders are watching closely to see how BTC responds to these developments. If Bitcoin maintains its upward momentum, a rally to new highs could follow in the weeks after the election. BTC Testing Crucial Support Bitcoin is currently trading at $66,400 after a healthy retrace from its recent high of $69,500. The price now finds support at $66,000, which acted as a key resistance in late September and has since flipped into a crucial demand zone for BTC. This support is essential for the bulls to maintain control, as holding above $66,000 signals strength and keeps the momentum alive for another attempt at breaking the $70,000 mark. If Bitcoin can hold steady above this support level, the next logical target would be to challenge the $70,000 resistance, which has proven difficult to breach. A successful push past this level would likely trigger further upside, potentially driving BTC into new price discovery. Related Reading: Dogecoin Breaks Above $0.12 Level – Time For DOGE To Catch Up? However, if the price exceeds $66,000, a retrace to lower demand levels could occur. In this case, the daily 200 moving average at $63,300 is the next key area where Bitcoin could find support before resuming its upward trend. The coming days will be crucial in determining whether BTC can maintain its bullish trajectory or if a deeper pullback is on the horizon. Featured image from Dall-E, chart from TradingView
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.
Expert Picks 5 Altcoins To Watch, Declaring Arrival Of The Altseason After Three Years
As the cryptocurrency market emerges from a prolonged seven-month consolidation phase, following a parabolic uptrend for Bitcoin and various altcoins in the first quarter of 2024, crypto analyst OxNobler has boldly declared that today marks the start of the next significant altseason. Analyst Predicts Major Price Movements Ahead For Altcoins In a recent post on the social media platform X (formerly Twitter), OxNobler shared insights on the Altcoin Indicator, which has just gone parabolic for the first time in three years. The analyst emphasized the cyclical nature of market phases, driven by capital inflows that shift from Bitcoin into larger-cap tokens before eventually reaching lower-cap altcoins, suggesting a growing liquidity movement that could fuel significant price surges across the altcoin landscape. Related Reading: XRP Price Could Face Last Major Crash, Warns Crypto Analyst Identifying key catalysts for the upcoming liquidity inflows, OxNobler pointed to several factors: the upcoming US election, where both candidates express support for Bitcoin, anticipated Federal Reserve rate cuts, the potential lifting of the cryptocurrency ban in China, and the expected payout of $16 billion from FTX in Q4 2024 to Q1 2025. By analyzing historical price movements and market cycles, OxNobler believes traders can position themselves for substantial gains in the months ahead. OxNobler has highlighted several altcoins that he believes are primed for growth in this new market phase. Key Players In Upcoming Market Shift Realio Network (RIO): This blockchain-based platform focuses on the issuance, investment, and lifecycle management of digital securities and crypto assets. With a current trading price of $0.83 and a market cap of just $4 million, OxNobler believes that RIO is poised for significant upside, especially given the increasing interest in Real World Assets (RWA). Major asset managers like BlackRock are already investing in this sector, potentially driving demand for altcoins such as RIO. Zero Labs (DEAI): This token supports a decentralized artificial intelligence ecosystem focused on data governance. Currently priced at $0.55, DEAI has a market cap of $50 million, making it an attractive option as AI continues to gain traction, specially over the past year behind the buzz surrounding companies like Nvidia. Related Reading: ApeCoin Faces Strong Resistance As Bears Seize Control At $1.755 SUI: Notable for its recent performance, SUI has surged 28% over the past month and an impressive 372% year-to-date, currently trading at $1.98 with a market cap exceeding $5 billion, positioning it well for the expected altseason. Render Network (RENDER): This decentralized GPU rendering network connects users needing GPU computing power with those willing to rent out their resources. Priced at $5 with a market cap of $2.6 billion, the analyst suggests that RENDER is well-positioned to benefit from the increasing demand for GPU computing in various technological applications. TokenFi (TOKEN): Aiming to simplify the crypto and asset tokenization process, TokenFi aspires to become the leading platform in this space, according to the analyst. Currently, TOKEN trades at $0.047 with a market cap of $47 million. Featured image from DALL-E, chart from TradingView.com NewsBTC
Yicong Wang Faces Allegations of Money Laundering for the Lazarus Group
Yicong Wang faces serious allegations of laundering stolen cryptocurrency. Authorities are increasing scrutiny of cryptocurrency transactions due to these claims. Continue Reading: Yicong Wang Faces Allegations of Money Laundering for the Lazarus Group The post Yicong Wang Faces Allegations of Money Laundering for the Lazarus Group appeared first on COINTURK NEWS . NewsBTC