#cryptonews
This surge has fueled optimism that Bitcoin could soon reach new all-time highs, driven by favorable factors such as the outcome of the U.S. election and growing inflows into spot Bitcoin ETFs.
Bitcoin’s bullish run continues, recently hitting a two-month high of $68,900. On October 20, 2024, Bitcoin traded at $68,388, marking a 9% gain over the past week.
Data from CryptoQuant reveals that these holders began selling as Bitcoin approached $69,000, engaging in profit-taking behavior. This activity could create resistance around this price level, potentially hindering Bitcoin’s climb.
Despite the bullish momentum, short-term Bitcoin holders—those who typically hold BTC for one to three months—could influence the path to $75,000.
Bitcoin’s supply remains constrained, with 19,770,243 BTC circulating out of a maximum supply of 21 million.
The current Bitcoin (BTC) price is $68,440, up 0.11% over the past 24 hours. Trading volume for the period reached $14.09 billion, with Bitcoin maintaining its top position with a market capitalization of $1.35 trillion.
Immediate resistance is noted at $69,045, while further gains could lead Bitcoin to challenge the next resistance levels at $69,935 and $70,621.
This triple-bottom formation suggests strong support at this level, reinforcing bullish sentiment.
Bitcoin continues to trade within an upward price channel, holding steady above the key $68,000 support level.