- Analyst Christopher Inks Highlights Bitcoin’s Test of Resistance Turned Support, Aiming for Break Above Swing High.
- Whale Holdings Approach Record Levels with 670,000 BTC, Signaling Strong Market Confidence in Upcoming Price Movements.
In recent financial news, Bitcoin has successfully climbed back to a trading price of $68,194, according to data from ETHNews. This recovery marks a 14% increase over the past two weeks, positioning the cryptocurrency just 7.6% below its peak price recorded in March.
Christopher Inks, a noted trading analyst, observed that Bitcoin has retested a former resistance level as support and is now attempting to surpass the swing high from its initial breakthrough. This technical movement suggests a potential for further gains if the momentum can be sustained.
#Bitcoin retested resistance as support and is attempting to break out above the initial breakout’s swing high this morning. $BTC https://t.co/vfWvVvogSy pic.twitter.com/0aQPwnsCnA
— Christopher Inks (@TXWestCapital) October 24, 2024
On October 29, Bitcoin momentarily spiked above $69,000 but failed to hold at this level, as selling pressure overcame the initial surge. Despite this setback, the broader market sentiment appears bullish, especially considering the recent activities of Bitcoin whales—investors holding large quantities of the cryptocurrency.
CryptoQuant, a platform that provides crypto market data, reported that Bitcoin whale holdings are nearing an all-time high, with these large investors holding approximately 670,000 BTC. This accumulation by whales is generally viewed as a positive indicator for Bitcoin’s market strength and potential for future price increases.
Furthermore, amidst this rally, an early Bitcoin investor from 2009 has continued to sell off their holdings, indicating that some long-term holders are choosing to realize gains as the market rises.
This selling activity adds an interest to the cryptomarket’s movements, as it could either provide buying opportunities for new investors or increase selling pressure, affecting Bitcoin’s price trajectory.
The current price of Bitcoin (BTC) is approximately $68,470, with a gain of +2.81%.
