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bitcoin has seen an impressive surge since early September, rising 31% from local lows around $53,000. However, after testing the $69,500 supply level, the cryptocurrency is facing selling pressure. Despite this, bitcoin remains strong, holding above the previous high of around $66,000, a crucial level that determines its next move.
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Key data from CryptoQuant reveals that despite recent bearish attempts, bears are losing control in the futures market. A key indicator has turned bullish for the first time since July, suggesting that the current selling pressure may not be enough to push bitcoin lower.
With bitcoin in a critical phase, holding above the $66,000 level would indicate continued strength and maintain the uptrend for the next few weeks. Investors are watching closely as bitcoin's ability to hold above this support could pave the way for new highs and further momentum in the bull cycle.
bitcoin Taker Buyers Start Breathing
Marketunn crypto Analyst x.com/JA_Maartun/status/1848752860172841218″ target=”_blank” rel=”nofollow”>shared recent CryptoQuant datarevealing that bitcoin buyers in the futures market have struggled to gain an advantage over bitcoin sellers over the past year. Maartunn highlighted a chart showing that btc net buyer volume has turned positive for the first time since July, indicating a possible shift in momentum.
The current trend reversal suggests that bears are starting to lose control over bitcoin price action, and buyers are starting to gain strength.
This data points to an accumulation phase, in which the price of bitcoin has been suppressed by large investors, preventing it from making significant profits or setting new monthly lows. The fact that btc has not made new lows despite previous bearish pressure reinforces the view that a period of accumulation may end and a new bullish phase could be on the horizon.
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The next few weeks are critical for bitcoin, particularly with the US presidential election approaching on November 5. Historically, elections introduce volatility and uncertainty into financial markets; This year is no exception.
Broader market trends are likely to influence bitcoin price action, and traders are closely watching how btc responds to these developments. If bitcoin maintains its upward momentum, a rally to new highs could occur in the weeks following the election.
Crucial support for btc testing
bitcoin is currently trading at $66,400 after a healthy pullback from its recent high of $69,500. The price now finds support at $66,000, which acted as a key resistance in late September and has since become a crucial demand zone for btc. This support is essential for the bulls to remain in control, as holding above $66,000 indicates strength and keeps momentum alive for another attempt to break the $70,000 mark.
If bitcoin can hold steady above this support level, the next logical target would be to challenge the $70,000 resistance, which has proven difficult to overcome. A successful advance beyond this level would likely trigger further upside, which could lead btc to discover new prices.
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However, if the price exceeds $66,000, there could be a pullback towards lower demand levels. In this case, the 200 daily moving average at $63,300 is the next key area where bitcoin could find support before resuming its uptrend. The coming days will be crucial in determining whether btc can maintain its bullish trajectory or if a deeper pullback is on the horizon.
Featured image of Dall-E, TradingView chart
