During last week, bitcoin price hit new multi-month highs due largely to euphoria over the possible approval of a spot exchange-traded fund (ETF). While recent momentum appears to have slowed in recent days, there are signs that the top cryptocurrency may not be ready yet.
Cryptoanalysis platform IntoTheBlock has offered insight into bitcoin‘s current action and future trajectory, highlighting top levels investors might want to keep an eye on.
This could happen if bitcoin price closes above $35,000
In a post on the X platform (formerly Twitter), IntoTheBlock shared the next bitcoin price levels to watch. The on-chain data tracker claimed that investors can identify where the btc price is headed based on recent buying activity recorded on-chain.
bitcoin Levels to Watch: Based on the buying activity recorded on-chain, we can identify price levels where btc could be headed next.
The recent high of $35,000 is the next resistance point for bitcoin, where previously 664,000 holders purchased 340k btc.
If this level is exceeded,… pic.twitter.com/63oBOngxBQ– IntoTheBlock (@intotheblock) October 27, 2023
According to IntoTheBlock analysis, the recent multi-month high of $35,000 is the next major resistance level for bitcoin. On Wednesday, October 25, bitcoin touched, but failed to close above, the $35,000 mark for the first time since mid-2022.
Furthermore, the on-chain analysis platform highlighted that more than 664,000 addresses purchased around 340,000 btc at the $35,000 level. If bitcoin price manages to break through and stay above this mark, investors could see the market leader travel up to around $39,000, where the next major resistance lies.
On the other hand, if the current momentum continues to cool and there is further downward movement, btc price could drop to the $30,000 mark. According to IntoTheBlock, there appears to be concentrated buying activity just above the psychological price level, with nearly 1.5 million addresses purchasing 553,000 btc at this point.
After a memorable week dominated by anticipation of a bitcoin spot ETF, the price of bitcoin has been relatively calm in recent days. At the time of writing, the top cryptocurrency is trading at $34,121, which does not reflect any significant price changes in the last 24 hours.
btc Institutional Interest Continues to Rise
Growing institutional interest is believed to be one of the Main factors contributing to the recent positive price of bitcoin.. As Bitcoinist previously reported, The rise of the price of btc is deeply rooted in growing institutional demand.
in a separate report, IntoTheBlock has highlighted the rise of institutional interest in bitcoin. According to data from the on-chain analytics platform, the number of btc transactions above $100,000 exceeded 23,400 on Tuesday, October 24, marking a new high in 2023.
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Number of bitcoin Large Transactions | Source: IntoTheBlock/X
IntoTheBlock specifically pointed to the recent spot ETF as the force behind the surging institutional growth. interest in bitcoins. The last time this metric saw a significant increase was in June 2023, when BlackRock filed for a btc spot ETF.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/10/Bitcoin-price-at-39000-Here-is-the-key-level-to" alt="bitcoin price” width=”2174″ height=”1442″/>
bitcoin price trades around $34,000 on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from iStock, chart from TradingView
