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"BTCUSD Soars: Will $70K Be Within Reach? Bullish Momentum Builds!"
QuoteQ
Potential reversal zone- $52530.
BTCUSD pared some of its gains due to profit booking. It hit a high of $69498 yesterday and is currently trading at around $67275.
BTC OI
Bitcoin's derivatives open interest has soared to an unprecedented $40.5 billion, coinciding with the cryptocurrency's price nearing the $70,000 mark. This surge highlights substantial market involvement and suggests the potential for increased volatility.
Whale Wallets-
As of mid-October 2024, new large Bitcoin wallets hold about 1.97 million BTC, making up around 9.3% of all Bitcoin available. This is an incredible 813% increase since the start of the year. Recently, a long-unused wallet with 25 BTC, worth about $1.71 million, was reactivated after being inactive for over ten years. This happened when Bitcoin's price was close to $69,000, showing continued interest and possible market ups and downs.
Last week, U.S. spot Bitcoin ETFs received a significant inflow of $2.13 billion, with Blackrock iShares Bitcoin Trust (IBIT) contributing $1.14 billion. This shows that more investors are interested in Bitcoin, especially through regulated investment options.
Key Points:
- Total Inflows: U.S. spot Bitcoin ETFs gained $2.13 billion.
- BlackRock's Role: BlackRock's IBIT was the main contributor, adding $1.14 billion, showing strong interest and confidence in Bitcoin from big investors.
US markets -
NASDAQ (No correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades higher after upbeat results from Netflix. Any close above 20500 will take the index to 21000.
Technicals-
BTCUSD trades above the short-term moving average 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.
Minor support- $65000. Any break below will take it to the next level at $63000/$60000/ $57000/$55000/$52500/$50000/$46000.
Bull case-
Primary supply zone -$70000. Any break above confirms an intraday bullishness. A jump to $73500/$75000 is possible.
Secondary barrier- $75000. A close above that barrier targets $80000/$85000.
Indicator (4-hour chart)
CCI (50)- Bullish
Average directional movement Index - Neutral
It is good to buy on dips around $63000 with SL around $60000 for TP of $70000.
