- BTC needs to break $66,000 for a bullish run.
$5.64 billion in realized profits signal strong market activity.
As a seasoned researcher with years of experience navigating the cryptocurrency market, I find myself cautiously bearish on Bitcoin (BTC) at this juncture. The rejection at $66,000, coupled with the significant realized profits and heightened social sentiment, paints a complex picture.
Bitcoin (BTC) remains challenged by a downward sloping parallel channel. The enthusiasm of a few days back appears to have waned, as a potential breakout doesn’t seem imminent at the moment.
Following a rejection at significant highs, Bitcoin might potentially drop to lower prices if it fails to break through a crucial cost barrier.
THIS signals more bearish run
The cost of Bitcoin recently encountered a barrier and was pushed back from the top limit of the falling parallel channel, which is set at around 66,000 dollars.
Looking at the price action, if we encounter a rejection at the top level (around $XXX), it will then expose the middle support level ($58,000) and possibly even the lower support level ($52,000) in case of a more bearish scenario.
Investors hoping for Bitcoin (BTC) to surge (bullish trend) should watch for it closing above $66,000, a price point previously showing strong resistance.
Realized profits boost market activity
In the past 24 hours, the Bitcoin market has shown remarkable activity, as evidenced by the staggering $5.64 billion in realized profits, which underscores widespread profit-making on a grand scale.
The increase (uptick) suggests that investors may be selling their holdings, which could potentially lead to a decrease (downward pressure) in the coming days.
Bitcoin social sentiment spikes
Additionally, there’s been a significant surge in public opinion about Bitcoin, as per data from Santiment, in recent periods.
A significant portion of the excitement might stem from recent conjectures regarding Satoshi Nakamoto, the enigmatic inventor of Bitcoin.
If Bitcoin’s social buzz significantly rises, it might lead to temporary market fluctuations. However, maintaining a sustained price rise without initially breaching the $66,000 mark is unlikely.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
Despite signs of a lively market based on actual earnings and public opinion, Bitcoin’s technical forecast remains uncertain. Keep an eye on the $66,000 threshold as it could signal a potential breakout.
Until then, market participants should prepare for potential dips to $58,000 or even $52,000.
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2024-10-11 03:35