Bitcoin Traders Hit Six-Month High as Bullish Signals Emerge – Are New Gains on the Horizon? 

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Arslan Butt

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Arslan Butt

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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...

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Last updated: 

November 2, 2024

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Bitcoin (BTC) is currently losing some momentum but remains within a bullish range, hovering between the $69,000 and $70,000 levels. Earlier this week, it reached a record high above $73,000 but couldn’t maintain that level and has since edged lower, trading around $69,671.

Despite this recent dip, there are signs that BTC could regain bullish traction.

Notably, Bitcoin’s trading volume has surged to a six-month high, driven by an increase in the number of addresses holding BTC for less than 30 days.

This suggests a growing bullish sentiment similar to previous market rallies. Meanwhile, the rise in open interest in derivatives indicates increasing optimism among traders, even amid the recent price drops.

Moreover, MicroStrategy, the largest corporate holder of Bitcoin, moved 1,652 BTC to a new wallet, drawing attention from traders.

The company holds 252,220 BTC valued at approximately $17.56 billion and aims to raise $42 billion for future Bitcoin purchases.

This could indicate increased demand and potentially boost bullish sentiment in the market. Such a move may create upward pressure on Bitcoin’s price as traders respond to corporate interest.

Bitcoin Trading Volume Hits Six-Month High, Signals Bullish Momentum

Bitcoin trading recently reached a six-month high as more addresses hold BTC, with many belonging to investors who bought in the past 30 days, signaling renewed interest.

According to blockchain analytics firm IntoTheBlock, this trend is often associated with past bull markets, like those in 2017 and 2020-2021, suggesting that traders expect a price rise.

In the derivatives market, rising open interest shows an increase in active contracts, reflecting trader confidence in Bitcoin’s price potential. This combination of higher trading activity and short-term accumulation points to shifting market sentiment.

• Key Takeaways:
  • Bitcoin trading volume and address holdings are up.
  • Derivatives market shows increased open interest.
  • Positive sentiment hints at potential BTC price increase.

While this trend indicates growing demand, its impact on BTC’s long-term price remains to be seen.

MicroStrategy’s $42B Bitcoin Plan Sparks Market Optimism

MicroStrategy, the largest corporate Bitcoin holder, recently transferred 1,652 BTC to a new wallet, catching the attention of investors.

With a total of 252,220 BTC valued at around $17.56 billion, purchased at an average price of $39,266, the company holds an unrealized profit of $7.65 billion.

This transfer aligns with MicroStrategy’s ambitious “21/21 Plan” to raise $42 billion over three years by leveraging $21 billion in equity and $21 billion in fixed-income securities.

Additionally, MicroStrategy aims to use these funds to expand its Bitcoin holdings further, working with banks to secure the financing. This strategy underscores their commitment to Bitcoin’s potential, highlighting their belief in its long-term growth.

• Key Insights:
  • 1,652 BTC transferred, reinforcing market interest.
  • 21/21 Plan aims to raise $42 billion for future BTC buys.
  • Institutional demand likely to support BTC price momentum.

This plan may boost market confidence, signaling strong institutional backing for Bitcoin.

Bitcoin Holds Key 61.8% Fibonacci Level, Signals Potential Rebound

Bitcoin (BTC) has retraced 61.8% from its recent high of $73,800, touching a key Fibonacci support level at $68,850. This level serves as a potential pivot point, with technicals indicating a possible bounce.

The immediate resistance sits at $70,640, with subsequent resistance levels at $71,830 and $73,800.

Should BTC fail to hold above the $68,850 support, it may find further support around $67,280 and $65,550.

Technical indicators suggest a cautious outlook.

The Relative Strength Index (RSI) is near 45, indicating neutral momentum, while BTC hovers around the 50-period Exponential Moving Average (EMA) at $69,610. A close above the EMA could signal renewed bullish strength.

Key Insights:

• Bitcoin completed a 61.8% Fibonacci retracement at $68,850.
• RSI around 45 indicates balanced buying and selling pressure.
• A close above $70,640 may solidify a bullish reversal.

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