Bitcoin recently reached a new local high of nearly $69,000, strengthening the uptrend that started in September. This has sparked optimism among analysts and investors, anticipating gains in the coming weeks.
Data from Santiment shows a substantial growth in Bitcoin whale activity as prices bottomed around $59,000. This accumulation by large holders suggests a major move is on the horizon, often seen as "smart money" positioning itself.
Bitcoin's price hovers near the crucial $70,000 resistance, which has previously triggered sell-offs. However, the increasing whale activity may weaken this resistance, as large investors are bullish.
Between October 10th and 13th, there was a net increase of 268 wallets holding 100 to 1,000 BTC. This is seen as a bullish sign, coinciding with Bitcoin’s current momentum and potential for future gains.
With Bitcoin trading near the $68,383 level, observers are anticipating whether it will challenge new all-time highs or face corrections. The 200-day moving average at $63,322 acts as a pivotal support level.
If the resistance at $70,000 isn’t broken soon, a retrace is likely, potentially setting the stage for a new rally. Investors are keenly watching the price movements over the next few days, which will be pivotal for Bitcoin's long-term trends.
