Bitcoin Price Analysis: BTC Poised to Reach $75,000 as Short-Term Investors Take Control
Bitcoin, the leading cryptocurrency, has been experiencing a bullish run, reaching a two-month high of $68,900. As of October 20, 2024, the price of Bitcoin stood at $68,388, representing a 9% increase over the past week.
This surge in price has sparked optimism among investors, who believe that Bitcoin could soon reach new all-time highs. Several factors, such as the outcome of the U.S. election and the growing inflows into spot Bitcoin ETFs, are expected to drive this upward trend.
However, it is worth noting that short-term Bitcoin holders, who typically hold BTC for one to three months, may influence the path to $75,000. Data from CryptoQuant shows that these holders have started selling their Bitcoin as the price approaches $69,000, engaging in profit-taking behavior. This selling activity could create resistance around the $69,000 price level, potentially slowing down Bitcoin’s climb.
Furthermore, around 1.9 million Bitcoin addresses bought BTC between $66,900 and $69,200. With these investors now at break-even, many of them may choose to sell once Bitcoin turns a profit, adding further resistance around the $69,000 mark.
Despite these potential obstacles, market sentiment remains positive, and technical indicators suggest continued momentum. The Relative Strength Index (RSI) stands at 68, indicating bullish sentiment. On-Balance Volume (OBV) data also points to strong buying activity, signaling the potential for further gains.
In conclusion, while there may be resistance at the $69,000 level, a breakthrough could propel Bitcoin towards $75,250. However, if short-term holders continue to sell, there might be a retracement towards $65,130.
The current price of Bitcoin is $68,440, with a trading volume of $14.09 billion over the past 24 hours. Bitcoin holds the top position with a market capitalization of $1.35 trillion. The supply of Bitcoin remains constrained, with 19,770,243 BTC in circulation out of a maximum supply of 21 million.
Bitcoin is trading within an upward price channel and has found strong support above the key $68,000 level. This triple-bottom formation indicates solid support, reinforcing the bullish sentiment. Immediate resistance is observed at $69,045, with further resistance levels at $69,935 and $70,621.
Technical indicators provide mixed signals, with the RSI at 57.67, indicating mild buying pressure but not yet entering overbought territory. The 50-day Exponential Moving Average (EMA) at $67,619 acts as significant support, aligning with the lower boundary of the channel.
In conclusion, as long as Bitcoin remains above $68,000, the upward channel remains intact. A sustained push above $69,045 could lead to further gains towards the psychological $70,000 level.
In other news, Crypto All-Stars, a platform that combines meme coin staking opportunities with Bitcoin’s market presence, is nearing its presale target of $2,618,955. With just over a day remaining, the project has raised $2,443,965, reflecting growing investor interest. Investors can purchase $STARS using ETH, USDT, BNB, or by card, but the presale window is closing soon.
