Bitcoin (BTC) Price Hits Major Resistance Level Around $64K amid Rising Demand from Whale Investors

Coinspeaker
Bitcoin (BTC) Price Hits Major Resistance Level Around $64K amid Rising Demand from Whale Investors

Bitcoin BTC $63 527 24h volatility: 0.8% Market cap: $1.25 T Vol. 24h: $43.19 B price rallied as much as 3 percent in the past 24 hours to reach a range high of about $64,082. However, the flagship coin faced a significant resistance level of around $64K, which coincides with the 200-day moving average. As a result, Bitcoin price retracted around 1 percent to trade at about $63,434 on Friday during the mid-London session.

Following the heightened price volatility, more than $50 million was liquidated from Bitcoin’s leveraged market, with the largest liquidation happening on OKX involving a $5 million trade. From a technical standpoint, Bitcoin price could further retrace in the coming days before rebounding towards its all-time high (ATH).

According to a popular crypto analyst Ali Martinez, the TD Sequential indicator has signaled a sell signal from Bitcoin, which could lead to further midterm correction over the weekend.

However, the crypto analyst expects Bitcoin price to rally towards an all-time high, if it consistently closes above the liquidity level of around $64K.

On the #Bitcoin daily chart, the RSI has broken through a key resistance trendline, signaling a bullish breakout!

However, $BTC still needs to reclaim the 200-day moving average as support to confirm the continuation of the bull run. pic.twitter.com/d6n6j6jH0l

— Ali (@ali_charts) September 19, 2024

According to on-chain data analysis, Bitcoin whales have significantly increased their trading activities, led by miners. Already, the supply of Bitcoin on different cryptocurrency exchanges in the past 30 days has dropped by over 96.6K. On Coinbase Global Inc (NASDAQ: COIN) and Binance Holdings Ltd, the supply of Bitcoin in the past four weeks declined by 15.1K and 58.3K respectively.https://twitter.com/lookonchain/status/1837031861819674881?s=46

The notable decline on Coinbase was heavily impacted by the rising demand from the spot Bitcoin ETF issuers. In the past two weeks, the US spot Bitcoin ETFs registered a net cash inflow of more than $700 million, led by Fidelity’s FBTC. On Thursday, the US spot Bitcoin ETFs registered a net cash inflow of about $158 million.

Meanwhile, on-chain data shows that several Bitcoin miners, who have been dormant for over 15 years, activated their wallets with around 250 BTCs earlier today.

Please note that many miner wallets dormant for more than 15.5 years are transferring $BTC!

5 miner wallets have transferred 250 $BTC($15.9M) in the past hour.

These wallets received 50 $BTC($3.18M) as mining rewards per block back in 2009.

Address:… pic.twitter.com/HktJivt7Qy

— Lookonchain (@lookonchain) September 20, 2024

After the US Federal Reserve initiated the first interest rate cut since the COVID-19 pandemic, the Bank of Japan left its rates unchanged on Friday, in line with the market expectations at 0.25 percent. As a result, the ongoing global economic shift will be a major liquidity boost for the crypto market in the near future, amid the ongoing crypto bull market.

Meanwhile, the crypto industry is expected to follow the precious metal market, led by Gold, in a bullish outlook. According to the latest market data, Gold price has rallied to an all-time high above $2,609 per ounce earlier today.

With the positive correlation between Gold and Bitcoin price, as Coinspeaker previously pointed out, the crypto market will follow in tandem, especially during the fourth quarter bullish expectations.next

Bitcoin (BTC) Price Hits Major Resistance Level Around $64K amid Rising Demand from Whale Investors