On-Chain Metrics Reveal Bitcoin Demand Is Growing – Can BTC Break ATHs In Q4?
16 Ottobre 2024 - 4:00AM
NEWSBTC
Bitcoin surged over 5% yesterday, following a positive day across
the crypto market. This sudden price boost has sparked
optimism among investors and analysts, anticipating even bigger
gains in the coming months. Market sentiment is improving alongside
price action, fueling hopes for a sustained rally. Related Reading:
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data from CryptoQuant suggests that Bitcoin demand is rising,
supporting the idea that Bitcoin could continue to climb. This
growing demand and the improving market sentiment create a
favorable environment for bullish momentum. Continuing the recent
price surge could set the stage for Bitcoin to reach new highs,
while any hesitation might lead to further consolidation. Either
way, market participants are eagerly awaiting the next major move.
Bitcoin Open Interest Reaching New Highs After surging to test
local highs, Bitcoin is at a critical turning point, setting the
stage for a potential rally that has analysts and investors
optimistic. The price has surged over 12% in less than a
week, reflecting renewed bullish sentiment in the market. This
upward momentum has sparked hopes of continued gains, with many
speculating that Bitcoin is on the verge of a significant breakout.
Top crypto analyst and investor Ali Martinez recently shared a
compelling CryptoQuant chart, revealing that Bitcoin’s open
interest across all exchanges has just hit a new all-time high of
$19.75 billion. This spike in open interest often precedes
large price moves, signaling heightened activity and more capital
at stake in the market. A surge in open interest suggests that
traders are positioning themselves for significant price action,
potentially adding more fuel to the current rally. The data from
CryptoQuant supports the growing bullish outlook for Bitcoin, as it
suggests that investors and traders are increasingly confident in
the asset’s near-term performance. Related Reading: Active
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To Rally? Bitcoin could be on track to test new highs if this
momentum continues, paving the way for a broader market rally. As
the market eyes this critical juncture, the next few days will be
crucial in determining Bitcoin’s trajectory. BTC Pushing Local
Highs Bitcoin is trading at $65,600 after consolidating following
yesterday’s surge to local highs. The price is eyeing the
crucial $66,500 resistance level, which, if broken, could send BTC
to new all-time highs. This resistance has been a key barrier for
Bitcoin, and a successful push above it would confirm the bullish
momentum and likely lead to further gains. BTC is now trading well
above its 200-day moving average (MA) at $63,336, further
solidifying the positive outlook for Bitcoin in the coming weeks.
Holding above this MA is a strong indicator that the bulls are in
control. The market is poised for a potential rally. However,
for Bitcoin to continue its upward trajectory, it must break the
$66,500 level and set a new high. On the downside, if BTC fails to
surpass this resistance, a retrace to lower demand levels around
$62,000 could occur, which would still be a healthy correction
within the broader uptrend. Related Reading: Solana Will
Target New ATHs Once It Breaks $160 Resistance – Analyst The market
remains optimistic, but the next few days will determine whether
BTC can maintain its momentum or face a short-term pullback.
Featured image from Dall-E, chart from TradingView
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