This article is also available in Spanish.
Bitcoin is now trading above the $65,000 price level for the first time in two months, leaving the $63,000 resistance level behind. This interesting increase has seen Bitcoin rise nearly 23% from the September low of $53,400 on September 6, pushing many coin holders into profitability.
According to Santiment, this price action was mostly driven by increased activity of whales and sharks, as the on-chain analytics platform observed a huge accumulation trend among them.
Sharks and whales continue to accumulate Bitcoin
Recent shifts in market dynamics around the world have brought Bitcoin back to the top of investors’ portfolios since mid-September. according to Data from Santiment, Bitcoin’s bullish price movement has been largely supported by increasing accumulation from investors. The on-chain analytics platform revealed that many wallets holding ten or more BTC have been steadily accumulating additional BTC over the past six months. This consistent buying behavior has played a crucial role in stabilizing and supporting the price, especially during market corrections when Bitcoin faced downward pressure.
Related reading
Notably, these addresses have amassed $4.08 billion worth of Bitcoin in the past six months, and their collective holdings currently stand at 16.19 million. Santiment data also shows that this accumulation trend gained significant momentum starting in mid-September after the Fed cut its key interest rate, indicating a renewed wave of confidence among these Bitcoin investors.
Current status of Bitcoin
As noted by NewsBTC, September It was always going to be a crucial month Bitcoin price performance in the last quarter of the year. It is interesting, what It seemed like a down month for Bitcoin in the first two weeks You’ve played now As a precursor to a potential rally in the last quarter of 2024.
Related reading
At the time of writing, Bitcoin is trading at $65,470 and is up 2.6% in the past 24 hours. Institutional investors have resumed their investments in Bitcoin since the beginning of the week. This has seen instant Bitcoin money Consecutive days of flows Since the beginning of the week. In particular, they received $365.7 million in net inflows in the last 24 hours.
Bitcoin has also seen a notable increase in open interest as investors pile in. According to Coinglass, Bitcoin open interest now stands at $35.90 billion across multiple exchanges, reflecting a 3.53% increase over the past 24 hours. As the price of Bitcoin continues to capture the attention of traders around the world, a rise in open interest could serve as a catalyst for further price increases.
The next step for Bitcoin price is a bullish breakout above the July high of $70,162. Going beyond this level and maintaining momentum could open the way for Bitcoin Easily breaking through to all-time highs In October.
Featured image created with Dall.E, chart from Tradingview.com
Comments are closed, but trackbacks and pingbacks are open.