In the past 30 weeks, it has been observed that the price of Bitcoin has consistently encountered resistance at the $31,000 level. Throughout this year, this level has served as a buying opportunity for both investors and institutions.
Amid the ongoing potential approval of BlackRock’s spot Bitcoin ETF, there has been significant investor interest in the cryptocurrency market, resulting in a breakout above the $31,000 level.
80% of Bitcoin holders are in profit
According to recent data from IntoTheBlock, an on-chain analytics firm, with Bitcoin trading above the $34,000 level, approximately 80% of Bitcoin holders are currently in profit. This marks the highest percentage since May 2021, during the bull market.
In the event of a pullback, the $31,000 level will now serve as strong support, and according to data from an on-chain analytics firm, there are no significant hurdles or resistances until the $40,000 level. Furthermore, data from TradingView shows that Bitcoin has also made a significant 30% move in the last 30 days.
Also Read: Bitcoin hits a 52-week high as BlackRock’s ETF approval buzz
However, a popular crypto analyst, Ali, mentioned in his recent post on X (formerly Twitter) that the next resistance levels for Bitcoin will be in two areas: one at $38,440 and another at $47,360. This suggests that we may witness a significant price movement before a halving event.
Bullish signals from technical analysis
As per technical analysis, there is a clear and strong breakout from a cup and handle pattern on the weekly timeframe, which is a bullish sign for Bitcoin. It indicates a bullish trend continuing until it encounters its next resistance at the $48,000 level. While there may be some obstacles along the way, the overall price action and sentiment in the crypto market are bullish.
On October 23, 2023, Morgan Stanley’s wealth management division predicted a substantial upward momentum for Bitcoin after the halving event. This aligns with the current market sentiment. Notably, as of October 24, 2023, Bitcoin has surpassed its 52-week high, as reported by Todayq News.
