The Bitcoin price saw strong gains over the past week adding another 8-9% and is currently trading around $72,200 levels. Also, charts showing the âGolden crossâ formation suggest that we might be seeing news all-time highs for BTC very soon.
Bitcoin price âGolden Crossâ Indicator suggests Bullish Momentum
As per the latest data from CryptoQuant, Bitcoinâs active addresses suggest a major shift in momentum as the 30DMA has crossed above the 365DMA, forming a âgolden crossâ â historically associated with upward price momentum.
Following Bitcoinâs last all-time high in March, a âdeath crossâ pattern had emerged which pushed the Bitcoin price into a bearish territory. Since then, BTC has yet not been able to breach the March levels. However, the momentum seems to be shifting now with bulls in place and the latest formation of the âGolden crossâ pattern. Additionally, transaction counts are nearly twice what they were in the 2021 cycle, underscoring heightened market activity.
However, CryptoQuant analysts caution that if the 30DMA does not exceed the 365DMA more strongly, BTCâs current trend may mirror the mid-2021 consolidation phase. This critical period is one to watch closely for investors assessing long-term momentum.
BTC Retail Participation On the Rise
During the previous Bitcoin price rallies to all-time highs, it saw strong retail participation along with institutional participation. However, in the past few weeks, retail participation remained subdued with institutional players and whales driving most of the price action.
But the latest development suggests that retail participation is also picking up once again in the market. Also, on-chain data shows that the retail demand for BTC has surged to the seven-month highs recently.
đ± Retail Investor Demand Hits Highest Level in 7 Months pic.twitter.com/BLF83Kctrr
â Maartunn (@JA_Maartun) October 30, 2024
There are some parts of the world such as Europe and Canada where the Bitcoin price continues to make fresh all-time highs. On the other hand, the institutional demand remains intact.
Inflows into spot Bitcoin ETF reached the second highest on Wednesday, October 30, with BlackRockâs IBIT dominating the show entirely. IBITâs total inflows have surged past $25 billion since inception within a matter of just 10 months of launch.
On the other hand, the largest BTC corporate holder MicroStrategy unveiled its plans to raise a total of $42 billion and buy more Bitcoins. This shows that corporate interest in BTC remains intact. Players across the globe like Metaplanet have adopted Michael Saylorâs Bitcoin adoption blueprint. On the other hand, Microsoft is also considering shareholder vote to put BBTC to its balance sheet.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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