Bitcoin Breaks Through $65,000, Is “Uptober” Rally Just Getting Started?
2024年10月16日 - 5:30PM
NEWSBTC
Bitcoin (BTC) has surged past the $65,000 mark, renewing traders’
optimism for an “Uptober” rally that could extend the digital
asset’s bullish momentum. Is The Bitcoin “Uptober” Rally Finally
Here? In the early hours of October 15, Bitcoin briefly crossed
$66,000 before retracing to $65,964 at the time of writing. Over
the past 24 hours, BTC has gained 1.4%. According to a report by
crypto exchange Bitfinex, Bitcoin’s decisive move past the crucial
$63,000 resistance level, combined with encouraging on-chain
metrics, points toward further potential upside move. Related
Reading: Bitcoin Price Holds Above $63,000 — Here’s The Next
Critical Resistance Level The report mentions that Bitcoin’s
realized price of unspent transactions output (UTXO) age bands are
a “pivotal on-chain metric for gauging Bitcoin’s market
dynamics.” For the uninitiated, Bitcoin’s UTXO age bands
refer to the value at which different groups of BTC – based on
their holding duration – were last moved. Essentially, it helps
track the average purchase price across various age groups of BTC
holders, indicating market sentiment and the profitability of
specific cohorts. Notably, the average realized prices for
short-term (3-6 months) and mid-term (6-12 months) holders have
historically been key support or resistance levels. The short-term
holder price is around $63,000, while the mid-term holder price is
$55,000. When Bitcoin trades below the average purchase price of
these groups, it often signals a bearish trend. Conversely, a move
above these levels can indicate bullish momentum. Since BTC
has surpassed the $63,000 resistance, further gains could be in
sight. However, a failure to close above this level could have
triggered a potential decline toward $55,000. Market Displays
Strong Appetite For Digital Assets The report highlights BTC’s weak
price action on October 10, when it fell to $58,943 due to lack of
aggressive buying in the spot market. Per the report, the majority
of the selling originated on Coinbase. Related Reading: Spot
Bitcoin ETFs Back To Positive Returns With $308 Million Inflows –
Details The report mentions the Coinbase Premium Gap Indicator
(CPGI) – a metric that shows the difference between the BTC-dollar
pair on Coinbase versus other major centralized exchanges. The CPGI
decreased by 100 points as BTC’s price declined below
$59,000. The report notes that during the past year, anytime
the CPGI fell below 50 points, BTC price has witnessed a subsequent
recovery. The report adds: Bitcoin has been trading within a broad
range for the past eight months. In the event of the onset of a
bear market, selling typically ensues when the Coinbase Premium
turns negative. However, such selling has not been observed,
suggesting that despite the fluctuations, the market remains
relatively stable without widespread fear-driven divestment. This
resilience could indicate underlying strength or a balanced market
sentiment that may steer future price movements. This analysis
aligns with a separate report by crypto firm QCP Capital, which
noted that the shallow sell-off in the crypto market following
geopolitical tensions between Iran and Israel indicates sustained
demand for risk-on assets. In related news, BTC bulls will be
relieved to learn that the defunct crypto exchange Mt. Gox has
delayed its repayment until October 2025, potentially easing
pressure on spot selling. However, some analysts warn that BTC may
face price capitulation due to tightening on-chain liquidity. At
the time of writing, Bitcoin trades at $65,964, up 1.4% in the past
24 hours. Featured image from Unsplash, charts from CryptoQuant and
Tradingview.com
Optimism (COIN:OPUSD)
過去 株価チャート
から 9 2024 まで 10 2024
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過去 株価チャート
から 10 2023 まで 10 2024