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Homeweb3.0Bitcoin Party Has Just Started: BTC Testing Crucial Supply After Breaking ATH

Bitcoin Party Has Just Started: BTC Testing Crucial Supply After Breaking ATH

Nov 19, 2024 am 06:49 AM
bitcoin transaction volume Retail Investors

Bitcoin has confirmed a bullish rally after breaking all-time highs multiple times over the past two weeks. This recent surge has many investors believing this is just the beginning of a larger upward movement, with some predicting that BTC could reach the $100,000 mark in the coming weeks.

Bitcoin Party Has Just Started: BTC Testing Crucial Supply After Breaking ATH

After reaching new all-time highs last week with an aggressive price surge that captivated the market, Bitcoin has entered a brief consolidation phase. This rally follows two significant events: former president Donald Trump’s victory in the U.S. election and the Federal Reserve’s decision to cut interest rates, both of which fueled optimism across markets, ultimately pushing BTC to new heights.

According to key data from CryptoQuant Founder Ki Young Ju, retail investors are returning to the market in droves, which could indicate that Bitcoin's recent price surge is just getting started.

Historically, increased retail activity has coincided with explosive growth phases for BTC, lending credence to the narrative of further upside.

Analysts suggest that robust demand and favorable macroeconomic conditions are supporting continued bullish momentum. While the price may encounter short-term corrections, the influx of retail investors bodes well for the next phase of this rally. Bitcoin's resilience and rising popularity in the evolving financial landscape are undeniable.

Bitcoin Party Has Just Started

After setting new all-time highs multiple times over the past two weeks, Bitcoin has confirmed a bullish rally. This recent price surge has led many investors to believe that it is only the beginning of a larger upward movement, with some predicting that BTC could reach the $100,000 mark in the coming weeks.

The rally has been characterized by strong momentum, with BTC continuously setting new price levels and showing resilience despite potential market corrections.

Data from CryptoQuant CEO Ki Young Ju suggests that retail investors are starting to play a more prominent role in this rally. According to Ju, Bitcoin's transaction volume under $100K has reached a three-year high, indicating an increase in retail participation.

When it comes to Bitcoin's price surges, retail investors have historically been a key driving force. And when they enter the market, it usually bodes well for BTC and the broader crypto market, leading to substantial gains.

This increase in retail activity could signal the beginning of another euphoric phase for BTC, similar to what was observed during past bull markets. As retail investors express interest, demand for BTC could soar, driving up the price and contributing to the overall bullish sentiment in the market.

With Bitcoin reaching new highs and retail interest increasing, the stage is set for a potentially explosive run toward $100,000. If the current momentum continues, it could usher in a new growth phase for BTC, bringing fresh opportunities and further solidifying its position as the leading digital asset.

BTC Testing Crucial Supply

After several days of consolidating just below its all-time high (ATH), Bitcoin is pushing above $90,000, reaching a price of $91,777. This upward movement suggests that BTC is poised to continue its rally, fueled by rising demand and an influx of retail investors entering the market.

As the price tests key supply levels near the ATH, BTC faces crucial support at the $87,000 mark, a significant demand level that could propel BTC toward the psychological $100,000 level. Holding this level is essential for maintaining upward momentum and confirming the bullish outlook.

If BTC loses support at $87,000, it risks prolonging the current consolidation phase or even triggering a correction to lower demand levels, which could halt further price advances.

The coming days will be critical as the market evaluates BTC’s ability to hold above this key level. A break above $95,000 and a push toward $100,000 could materialize if successful, solidifying the bullish trend. However, failure to maintain support could lead to heightened volatility and a deeper retrace, creating uncertainty for investors watching the market closely.

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