search
Homeweb3.0Bitcoin (BTC) Primed to Hit $73K ATH as Whale Activity Counters Bearish Attempts to Short the Market

Fears of market overheating are rising as Bitcoin [BTC] surges past the $68K benchmark, breaking a four-month slump, even as the RSI sees a sharp decline.

Bitcoin (BTC) Primed to Hit K ATH as Whale Activity Counters Bearish Attempts to Short the Market

Bitcoin [BTC] has seen a remarkable four-month rally, surging past the $68K critical level. However, as it trades just above this level, the RSI has seen a steep decline.

As a result, trading just above this critical level may signal a potential top for BTC. If this range is confirmed as a resistance point, a price correction could be on the horizon, potentially forcing mass capitulation.

On the other hand, several macro factors could be impacting BTC’s price movements. These factors may influence the psychology of large holders, who could be viewing this level as a key buying zone.

Moreover, the rise in whale activity, with addresses holding 1K–10K BTC hitting a 3-month high, is also noteworthy. This activity has played a crucial role in countering bearish pressure.

Overall, this cycle appears to be psychologically driven, and despite bearish attempts to short Bitcoin, the likelihood of a significant correction seems slim for now.

Bitcoin’s surge — Psychology over fundamentalsFirst, it’s essential to consider that Bitcoin is heavily influenced by macroeconomic factors.

Currently, a confluence of events – such as the post-halving surge, the nearing end of the election cycle, the “Uptober” frenzy, and cuts in Fed rates – has combined to propel Bitcoin to $68K in just ten days without any solid pullback.

This is important because, despite key technicals pointing to a near-term reversal, these macro factors may strengthen large holders’ belief that this is a key buying zone.

In other words, big players might still see this level as an opportunity, and this psychological momentum could draw in more buyers, fueled by rising FOMO as market sentiment heats up.

To support this, we can observe the increasing activity of whale addresses holding 1K–10K BTC, which last hit a high around 39 days ago.

During the last major spike in whale activity, we saw a 5% daily price surge, pushing BTC above the $66K level.

As mentioned earlier, whale activity has been a key factor in countering bearish pressure, and since the start of October, their activity has reinforced our initial hypothesis.

Overall, this cycle appears to be psychologically driven, and despite bearish attempts to short Bitcoin, the likelihood of a significant correction seems slim for now.

Market buzz leading the way to $73KHistorically, the halving year has been a reliable indicator of when a bull cycle might occur.

Spikes in the 30-day demand average (marked in green) have consistently coincided with Bitcoin supply cuts during halving events.

These supply reductions typically spark long-term rallies, delivering outsized returns to stakeholders.

Interestingly, even if the fundamentals don’t immediately play out, the widespread anticipation alone can trigger a breakout.

This cycle is a prime example – the market buzzed with expectations of a halving-driven rally, and true to form, Bitcoin has already hit $68K in a remarkably short timeframe.

That said, if whale activity continues on this upward trend— which seems likely—Bitcoin could be set to hit its all-time high of $73K before the end of Q4.

The above is the detailed content of Bitcoin (BTC) Primed to Hit $73K ATH as Whale Activity Counters Bearish Attempts to Short the Market. For more information, please follow other related articles on the PHP Chinese website!

Statement
The content of this article is voluntarily contributed by netizens, and the copyright belongs to the original author. This site does not assume corresponding legal responsibility. If you find any content suspected of plagiarism or infringement, please contact admin@php.cn
Senators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsSenators Lummis and Scott Promise Pro-Bitcoin Legislation if Republicans Win the Majority in the Upcoming ElectionsJul 27, 2024 pm 12:58 PM

Senator Cynthia Lummis took the stage to speak at the Bitcoin 2024 conference along with Senator Tim Scott, on Friday, discussing cryptocurrency and their vision for its role in the U.S. financial system.

Bitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansBitcoin (BTC) Exchange Netflow Has Just Taken to Positive Values, Here's What It MeansJul 27, 2024 am 12:07 AM

On-chain data shows the Binance exchange has received large net Bitcoin inflows during the past day, indicating that BTC's decline may extend further.

Hackers recover $3 million in bitcoin from software wallet locked for over a decadeHackers recover $3 million in bitcoin from software wallet locked for over a decadeJun 14, 2024 am 09:57 AM

JoeGrand-anethicalhackerandYouTuberwhoiswidelyknownforhisprojectsinvolvingcryptowallets,hassuccessfullyrecoveredalife-changingamountofbitcoin,presentlyvaluednorthof$3millionfromasoftwarewalletthathasbeenlockedformo

Bitcoin (BTC) – America’s Key To Economic Supremacy?Bitcoin (BTC) – America’s Key To Economic Supremacy?Jul 26, 2024 pm 09:15 PM

In the ongoing global economic and geopolitical rivalry, the United States may have a powerful new weapon – Bitcoin (BTC). That is the argument made by Sam Lyman

US Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketUS Stock Market Peak Warning May Also Impact Bitcoin (BTC) MarketJul 27, 2024 am 06:35 AM

Financial experts are warning of an impending peak in US stocks. This may also lead Bitcoin to rise. According to Arthur Budaghyan, an analyst at BCA Research, the US stock market

Bitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyBitcoin Holders Can Now Purchase European Union Citizenship, Combining Cryptocurrency and Immigration PolicyJul 25, 2024 pm 02:53 PM

Powered by the Unbound Fund, this initiative uses Bitcoin as a key to open up Portuguese citizenship via the country's golden visa program.

Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Bitcoin vs. Gold vs. S&P 500: Which Is the Best Investment in the Current Market?Jul 27, 2024 am 07:11 AM

Cryptocurrencies, commodities, and stocks are among the most popular risk assets for investment and trade, also leading finance indicators.

Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Bitcoin (BTC) Witnesses “Rare” Buy Signal, Could Enjoy a Massive Rally to $130,000Jul 26, 2024 am 11:26 AM

Crypto analyst Mikybull Crypto has revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on his predictions, the

Hot AI Tools

Undresser.AI Undress

Undresser.AI Undress

AI-powered app for creating realistic nude photos

AI Clothes Remover

AI Clothes Remover

Online AI tool for removing clothes from photos.

Undress AI Tool

Undress AI Tool

Undress images for free

Clothoff.io

Clothoff.io

AI clothes remover

AI Hentai Generator

AI Hentai Generator

Generate AI Hentai for free.

Hot Article

Repo: How To Revive Teammates
1 months agoBy尊渡假赌尊渡假赌尊渡假赌
R.E.P.O. Energy Crystals Explained and What They Do (Yellow Crystal)
2 weeks agoBy尊渡假赌尊渡假赌尊渡假赌
Hello Kitty Island Adventure: How To Get Giant Seeds
1 months agoBy尊渡假赌尊渡假赌尊渡假赌

Hot Tools

Dreamweaver Mac version

Dreamweaver Mac version

Visual web development tools

VSCode Windows 64-bit Download

VSCode Windows 64-bit Download

A free and powerful IDE editor launched by Microsoft

MinGW - Minimalist GNU for Windows

MinGW - Minimalist GNU for Windows

This project is in the process of being migrated to osdn.net/projects/mingw, you can continue to follow us there. MinGW: A native Windows port of the GNU Compiler Collection (GCC), freely distributable import libraries and header files for building native Windows applications; includes extensions to the MSVC runtime to support C99 functionality. All MinGW software can run on 64-bit Windows platforms.

PhpStorm Mac version

PhpStorm Mac version

The latest (2018.2.1) professional PHP integrated development tool

SAP NetWeaver Server Adapter for Eclipse

SAP NetWeaver Server Adapter for Eclipse

Integrate Eclipse with SAP NetWeaver application server.