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bitcoin currently ranges between $65,000 and $69,500 following two weeks of bullish price action, sparking renewed optimism among analysts and investors. The prevailing sentiment is that btc is poised to hit new all-time highs in the coming weeks, and confidence is growing that predictions of March cycle highs may have been premature.
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CryptoQuant's key metrics reveal that bitcoin is still far from typical cycle top conditions, and instead signals a bullish outlook as we head into November. As the US election on November 5 approaches and macroeconomic factors continue to change, price action is expected to remain unpredictable and volatile.
Market participants are watching closely, hoping that geopolitical and economic events could influence btc's trajectory. Given this context, many believe that bitcoin's next big move could catalyze new momentum, potentially surpassing previous highs.
bitcoin calm before the storm?
bitcoin holds firm above $67,000, showing resistance as it approaches a potential break above $70,000. However, the current price action indicates that bitcoin may consolidate below this key level before reaching new highs in the next leg. Market participants are closely watching btc's behavior around these price levels as a sustained push above $70,000 could set the stage for significant gains.
Axel Adler, CryptoQuant analyst x.com/AxelAdlerJr/status/1849716938865312201″ target=”_blank” rel=”nofollow”>We recently shared critical insights about x.highlighting the current SOPR ratio between long-term holders (LTH) and short-term holders (STH), which stands at 1.8. This metric is often used to gauge selling pressure and market sentiment, with higher levels indicating greater profit taking which could signal a market peak.
According to Adler, when this ratio rises to around 7, bitcoin will approach the completion of a cycle. The index's bullish crossover with its 90-day moving average reflects a positive outlook, supporting the narrative that btc remains well below its cycle high.
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The movement of this metric and broader market strength paint a favorable picture for bitcoin price action in the coming weeks. The data suggests that bitcoin still has room to grow within this cycle, providing confidence to long-term holders and investors looking for continued growth.
btc technical levels
bitcoin is trading at $67,500 and facing challenges after failing to maintain its bullish structure on the 4-hour chart. The price failed to establish a new high above $69,500, marking a possible change in momentum. A crucial support level now lies at $65,000, the local low that previously kept the uptrend intact. Staying above this level is essential to avoid a broader pullback and maintain confidence among the bulls.
Currently, the price action remains indecisive, leaving the direction for the coming days unclear. A break above $69,500 would restore the bullish structure, likely attracting more buyers to the market and signaling another recovery attempt. Conversely, a break below the $65,000 support would signal a pullback, which could push btc into lower demand zones as bulls look to regroup.
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The current consolidation phase highlights the importance of these levels in determining bitcoin's short-term trajectory. With both bulls and bears vying for control, btc's ability to hold above $65,000 will be crucial to maintaining bullish sentiment.
Featured image of Dall-E, TradingView chart
