As a researcher with over a decade of experience in financial markets and a keen interest in cryptocurrencies, I find myself constantly amazed by the unpredictable yet captivating world of Bitcoin (BTC). Today’s price surge above $65,000 is no exception. It’s fascinating to see how this digital asset continues to defy traditional market norms and attract institutional demand.
On October 14th, the value of Bitcoin (BTC) surpassed $65,000, with financial experts suggesting that this move beyond $63,000 suggested even higher potential gains for the digital currency.
According to information from CryptoMoon Markets Pro and TradingView, Bitcoin experienced a notable surge. On October 14th, its lowest point was $62,450. By today, it had climbed as high as 4.2%, peaking at $65,090. At the time this text was written, the price of Bitcoin stood at $64,795, marking a 3.3% increase over the previous 24 hours.
Let’s look at the factors driving the price of Bitcoin higher today.
Bitcoin successful rests of “range-low” as support
Today’s surge in Bitcoin’s price is simply an extension of its ongoing recovery that started on September 6. Over this period, Bitcoin has experienced a significant increase of over 23%, climbing from a low of $52,546 to its current value of approximately $64,795.
Based on Rekt Capital’s analysis, this significant crypto price surge surpassed a vital support threshold around $65,000, and later, during October’s upward trend, it successfully re-visited and held that zone.
According to a recent post by Rekt Capital on October 14, Bitcoin has demonstrated strength by holding up at its lowest range level, which serves as support for the month of October.
“The Range Low has been an almost 8-month confluent support with the old All Time High area (green)”
When the Bitcoin article was released, its price had surpassed a significant level, which is the 200-day Simple Moving Average (SMA), and stood at approximately $63,351.
As an analyst, I observed today that Bitcoin (BTC) surpassed the resistance level of $63,500, which also served as a significant support area previously. This breakout indicates a potential bullish trend for BTC.
As per the analyst’s interpretation, surpassing this threshold indicates a conclusion to the upward trend that has witnessed Bitcoin falling below the 200-day Simple Moving Average on numerous occasions since it deviated from its record high in March.
“I think finally the price is about to hit and break the downtrend to rise toward $71,165 as the next short-term target.”
According to data from CoinGlass, there were bid orders for liquidity amounting to approximately $51.57 million, with a concentration near $63,500. This suggests that the support level at this price point is quite strong.
Moving forward, a significant hurdle for further Bitcoin gains lies approximately between $65,000 and $66,000. This price range proved challenging for Bitcoin to surpass in September.
Bitcoin sees weekly inflows totaling $406M
Last week saw Bitcoin (BTC), the largest digital currency in terms of market value, leading the way in cryptocurrency inflows, totalling approximately $419 million, as per the most recent figures from CoinShares.
Last weekend, Bitcoin’s rebound led to a shift in Bitcoin transactions from negative to positive, following a week where there were net outflows up until October 4th. On the other hand, investments in short-Bitcoin products experienced withdrawals amounting to 6.3 million.
According to CoinShares, blockchain stock ETFs experienced a significant surge in investments this week, amounting to approximately $34 million. This increase may be attributed to the recent rise in Bitcoin’s price.
Recent influxes follow a pattern initiated around mid-September, implying an increase in institutional interest in cryptocurrency investment products.
Bitcoin shorts rekt
Alongside Bitcoin’s price fluctuations, there has been a significant wave of margin calls and forced position closures across the cryptocurrency market. As per CoinGlass data, over $193.2 billion worth of leveraged crypto positions have been liquidated in the past 24 hours, with an additional $121 million being liquidated within the last 12 hours.
In simpler terms, a total of 57.17 million Bitcoins were quickly sold off, and this figure was still increasing when the report was released.
Essentially, when Bitcoin surged to around $65,000, short traders were taken by surprise and had to make large withdrawals or selloffs, as evidenced by the largest single liquidation order of approximately $9.6 million on the OKX crypto exchange.
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2024-10-14 16:25