Bitcoin prices surged by nearly 13% to a high of $35157, followed by a slight decline. As of the time of writing this article, BTC has continued to rise, rising 11
Bitcoin prices surged by nearly 13% to a high of $35157, followed by a slight decline. As of the time of writing this article, BTC has continued to rise, rising 11.55% in the past 24 hours to $34068.
If the market closes green today, Bitcoin will show a positive price trend for the sixth consecutive day, with a weekly increase of up to 20%.
On chain analysis company IntoTheBlock emphasized the process of Bitcoin easily breaking through the $30000 price barrier. From the current situation on the chain, 80% of holders are currently in a profitable state, which is a level never seen since the peak of the bull market in 2021.
The number of 30 day BTCs held by short-term holders also increased by 27%, which is common in bullish situations.
Looking ahead, IntoTheBlock stated that as Bitcoin approaches $40000, there is no particularly significant potential on chain resistance, and if there is a pullback, the $30000 level may become solid support.
Cryptocurrency analyst Ali pointed out that Bitcoin has established a huge support barrier between $25000 and $30000.
#Bitcoin has established a huge support barrier between $25000 and $30000. The UTXO Realized Price Distribution (URPD) model now indicates that the next two key resistance areas for BTC are $38440 and $47360! Pic. Twitter. com/tdgdYYiMnW - Alibaba (@ ali_charts) October 24, 2023
According to the UTXO Realized Price Distribution (URPD) model, if the next key obstacle of $38440 is broken, Bitcoin may target the level of $47000.
According to Ali, according to the UTXO Realized Price Distribution (URPD) model, the next two key resistance areas for BTC are $38440 and $47360.
Bitcoin prices skyrocket
(BlackRock) iShares ETF IBTC (DTCC) Bitcoin prices skyrocket (SEC)
Bloomberg ETF expert Eric Balchunas stated that this step is "part of the entire process" of launching encrypted ETFs.
Bearish Bitcoin
Over the past 24 hours, as the price of Bitcoin USD soared past the main resistance level, traders' bet losses exceeded $178 million.
BTC reached a new high within the year; The significant increase may be driven by low trading volume and excessive demand, with the market value increasing by tens of billions of dollars within a few hours. Bitcoin has also addressed the issue of bullish triangular flags on its daily chart.
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