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<ul>
 <li aria-level="1">Analyst Christopher Inks Highlights Bitcoin’s Test of Resistance Turned Support, Aiming for Break Above Swing High.</li>
 <li aria-level="1">Whale Holdings Approach Record Levels with 670,000 BTC, Signaling Strong Market Confidence in Upcoming Price Movements.</li>
</ul>
In recent financial news, Bitcoin has successfully climbed back to a trading price of $68,194, according to data from ETHNews. This recovery marks a 14% increase over the past two weeks, positioning the cryptocurrency just 7.6% below its peak price recorded in March.
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 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
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Christopher Inks, a noted trading analyst, observed that Bitcoin has retested a former resistance level as support and is now attempting to surpass the swing high from its initial breakthrough. This technical movement suggests a <a href="https://www.ethnews.com/insiders-predict-massive-bitcoin-surge-post-election-heres-why/" rel="noopener noreferrer nofollow">potential for further gains</a> if the momentum can be sustained.
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 <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> retested resistance as support and is attempting to break out above the initial breakout’s swing high this morning. <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$BTC</a> <a href="https://t.co/vfWvVvogSy" rel="noopener noreferrer nofollow">https://t.co/vfWvVvogSy</a> <a href="https://t.co/0aQPwnsCnA" rel="noopener noreferrer nofollow">pic.twitter.com/0aQPwnsCnA</a>
 — Christopher Inks (@TXWestCapital) <a href="https://twitter.com/TXWestCapital/status/1849435310310007003?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 24, 2024</a>
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On October 29, Bitcoin momentarily spiked above $69,000 but failed to hold at this level, as selling pressure overcame the initial surge. Despite this setback, the broader <a href="https://www.ethnews.com/bitcoin-greed-levels-peak-will-the-crypto-market-face-an-inevitable-pullback/" rel="noopener noreferrer nofollow">market sentiment</a> appears bullish, especially considering the recent activities of Bitcoin whales—investors holding large quantities of the cryptocurrency.
CryptoQuant, a platform that provides crypto market data, reported that Bitcoin whale holdings are nearing an all-time high, with these large investors holding approximately 670,000 BTC. This accumulation by whales is generally viewed as a positive indicator for <a href="https://www.ethnews.com/bitcoin-breaks-the-bank-194-billion-held-in-accumulation-addresses-signals-market-explosion-ahead/" rel="noopener noreferrer nofollow">Bitcoin’s market strength</a> and potential for future price increases.
Furthermore, amidst this rally, an early Bitcoin investor from 2009 has continued to sell off their holdings, indicating that some long-term holders are choosing to realize gains as the market rises.&nbsp;
This selling activity adds an interest to the cryptomarket’s movements, as it could either provide buying opportunities for new investors or increase selling pressure, affecting Bitcoin’s price trajectory.
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 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
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The current price of Bitcoin (BTC) is approximately $68,470, with a gain of +2.81%​.
The post <a href="https://www.ethnews.com/whale-accumulation-patterns-predict-major-bitcoin-price-shift-details-inside/" rel="noopener noreferrer nofollow">Whale Accumulation Patterns Predict Major Bitcoin Price Shift—Details Inside!</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Whale Accumulation Patterns Predict Major Bitcoin Price Shift—Details Inside!

ETHNews

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