Bitcoin prices are stable above $69,000 after a pullback from local highs of $73,600. With its price nearing all-time high levels, Bitcoin rests just below the critical $73,794 resistance. Surpassing this point could propel Bitcoin into price discovery mode, potentially driven by a panic selling wave among short-term holders.
Data from CryptoQuant indicates short-term holders' net profit-to-loss of negative 20 BTC, reflecting panic selling driven by FUD (fear, uncertainty, and doubt). Such sell-offs historically lead to price surges as long-term holders accumulate. Maintaining above $69,000 boosts breakout chances.
Market analysts are observing the resistance level, as overcoming it could lead BTC to new highs. Next week’s U.S. election and the Federal Reserve’s interest rate decision are key events influencing volatility.
Analyst Axel Adler's data notes a negative balance among short-term holders, indicating panic selling amid Bitcoin’s attempt for newer heights. Emphasizing a long-term HODL approach amid market turbulence has rewarded investors previously.
The Federal Reserve's interest rate decisions and U.S. election outcomes could offer conditions for Bitcoin to exceed its all-time high, potentially catalyzing a market-wide rally. Holding above $69,000 is crucial for continued bullish sentiment.
Bitcoin's current price at $69,620 suggests bullish market control above $69,000 support—a significant resistance level since July. Keeping above could aid a push past record highs, sparking renewed bullish momentum.
Failure to maintain $69,000 might signal a deeper correction need to attract new buyers. As long as this support holds, higher price momentum is anticipated in the near future, signifying a potential new bull run phase for Bitcoin.
