Bitcoin Price Analysis: Short-Term Investors Set to Drive BTC Toward $75,000
Bitcoin
Cryptocurrency
Last updated:
October 20, 2024 07:50 EDT
Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
About Author
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis…
Author Profile
Share
Copied
Last updated:
October 20, 2024 07:50 EDT
Why Trust Cryptonews
With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict
editorial standards
, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets.
Read more about Cryptonews
Bitcoin Price Analysis
Bitcoin’s bullish run continues, recently hitting a two-month high of $68,900. On October 20, 2024, Bitcoin (BTC) traded at $68,388, marking a 9% gain over the past week.
This surge has fueled optimism that Bitcoin could soon reach new all-time highs, driven by favorable factors such as the outcome of the U.S. election and growing inflows into spot Bitcoin ETFs.
Short-Term Investors May Slow Bitcoin’s Rise
Despite the bullish momentum, short-term Bitcoin holders—those who typically hold BTC for one to three months—could influence the path to $75,000.
Data from CryptoQuant reveals that these holders began selling as Bitcoin approached $69,000, engaging in profit-taking behavior.
This activity could create resistance around this price level, potentially hindering Bitcoin’s climb.
Key Resistance Levels Amid Break-Even Selling
Notably, around 1.9 million Bitcoin addresses bought BTC between $66,900 and $69,200. As these investors are now at break-even, there’s a likelihood that many could sell once Bitcoin turns a profit, adding further resistance around the $69,000 mark.
Market Sentiment and Technical Indicators Remain Positive
Despite potential selling pressure, market sentiment remains optimistic. Technical indicators, including a Relative Strength Index (RSI) of 68, suggest continued momentum.
On-Balance Volume (OBV) data also indicates strong buying activity, hinting at potential further gains.
Key Insights:
Bitcoin resistance at $69,000 could delay a rally to $75,250.
Short-term holders are selling, which might trigger a price dip.
Market sentiment remains bullish with strong technical support.
If Bitcoin breaks past $69,000, it could surge to $75,250. However, continued selling from short-term holders may result in a retracement toward $65,130.
Bitcoin Price Eyes $70K as Bullish Momentum Holds Above Key $68K Support
The current Bitcoin (BTC) price is $68,440, up 0.11% over the past 24 hours. Trading volume for the period reached $14.09 billion, with Bitcoin maintaining its top position with a market capitalization of $1.35 trillion.
Bitcoin’s supply remains constrained, with 19,770,243 BTC circulating out of a maximum supply of 21 million.
Bitcoin continues to trade within an upward price channel, holding steady above the key $68,000 support level.
This triple-bottom formation suggests strong support at this level, reinforcing bullish sentiment.
Immediate resistance is noted at $69,045, while further gains could lead Bitcoin to challenge the next resistance levels at $69,935 and $70,621.
Bitcoin Price Chart – Source: Tradingview
Technical indicators highlight mixed signals. The Relative Strength Index (RSI) hovers 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 a significant support, aligning with the channel’s lower boundary.
Conclusion: As long as Bitcoin maintains support above $68,000, the upward channel remains intact. A sustained push above $69,045 could ignite further gains toward the psychological $70,000 mark.
Key Insights:
Bitcoin maintains bullish momentum above $68,000 key support.
RSI indicates mild buying interest, not yet overbought.
Break above $69,045 could target the $70,000 level.
–
You might also like
Bitcoin Price Prediction 2024 – 2034
Crypto All-Stars Presale Nears $2.6M as Bitcoin Adoption Drives Investor Momentum
As Bitcoin continues to gain traction globally, Crypto All-Stars is nearing a significant milestone in its presale. With just over a day remaining, the platform has raised $2,443,965 out of its $2,618,955 target.
This strong showing reflects growing investor interest as the presale approaches its final phase, with the current price of 1 $STARS at $0.0015067.
Crypto All-Stars has leveraged Bitcoin’s expanding influence to create a unique platform that combines meme coin staking opportunities with Bitcoin’s established market presence.
The project has seen rapid growth, initially raising $730,000 in just one week and now edging closer to its final goal. With only hours left until the price increases, investors are seizing the opportunity to buy into $STARS before the presale ends.
The platform distinguishes itself from competitors like Sun Wukong through strategic token allocation and long-term growth plans. Investors can purchase $STARS using ETH, USDT, BNB, or by card, with the window quickly closing.
Follow them on social media –
X (Twitter)
|
Telegram
to stay up-to-date on all their development plans.
Buy Crypto All-Stars Here
Follow us on Google News
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.