Key Points
- Bitcoin’s buying pressure has increased, with the cryptocurrency potentially moving towards $68k.
- Bitcoin whales have cashed in over $1.4 billion in profits, raising questions about the impact on Bitcoin’s price.
Bitcoin’s Current Status
The price of Bitcoin (BTC) has entered a consolidation phase, hovering around the $67k mark. The big players, or “Bitcoin whales”, have been cashing in their profits. This raises the question of whether this will negatively affect Bitcoin’s price in the future.
Crypto analyst, Ali, noted that Bitcoin whales have recently profited over $1.4 billion. This was evidenced by the significant increase in Bitcoin’s long-term holders whales’ realized profit in USD. Additionally, there has been a reported increase in Bitcoin whale activity, with their holdings expanding towards the 4 million mark.
Market Sentiment and Predictions
An analysis of Santiment’s data showed that Bitcoin’s exchange outflow spiked on the 20th of October 2024. This resulted in a decrease in Bitcoin’s supply on exchanges, while its supply outside of exchanges increased. These metrics suggest that the buying pressure on Bitcoin is high, which is typically followed by price hikes.
Despite these events, Bitcoin’s price has started to consolidate, moving only marginally over the last week. An analysis of CryptoQuant’s data showed that more investors have recently started selling at a profit, indicating a potential market top. In addition, Bitcoin’s long/short ratio has also seen a significant drop, implying that bearish sentiment around the asset is increasing.
A look at Bitcoin’s daily chart showed that it has successfully tested its support at the 20-day SMA. The technical indicator also suggested that Bitcoin’s price is in a high volatility zone. If an upward price move occurs, Bitcoin might soon reach its resistance at $68.5k.
