bullish

Bitcoin

when

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surges-as-individual-participation-increases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Surges as Individual Participation Increases</a> 
Last week, Bitcoin experienced an impressive price increase of 8-9%. Currently, BTC trades at around $72,200. The observed “Golden Cross” formation on the charts is generating strong optimism in the market. This technical pattern suggests that Bitcoin may reach its all-time high levels.
<h2 style="text-align: justify" id="strong-individual-participation-reignites-strong">Individual Participation Reignites</h2>
According to CryptoQuant data, the number of active Bitcoin addresses is on the rise. The 30-day moving average (30DMA) surpassing the 365-day moving average (365DMA) is historically interpreted as a bullish signal. A “death cross” formation emerged when BTC reached its last peak in March, pulling the price down. However, new data indicates that this negative trend is beginning to change, signaling fresh momentum in the market. Trading volumes have seen a significant increase compared to 2021, indicating high market activity.
CryptoQuant analysts warn that if the 30DMA does not strongly exceed the 365DMA, the current trend could revert to a consolidation phase similar to mid-2021. This signifies a critical period where traders need to closely monitor the market. As with previous Bitcoin rallies, individual participation is being closely watched. Nonetheless, individual demand had weakened in recent weeks, with price movements predominantly supported by institutional investors and whales.
<h2 style="text-align: justify" id="strong-increasing-demand-from-individuals-strong">Increasing Demand from Individuals</h2>
Recent developments suggest that individual investor demand for BTC is beginning to rise. On-chain data reveals that this demand is at its highest level in seven months. Particularly in regions like Europe and Canada, Bitcoin prices could reach new peaks. This situation is further supported by sustained institutional demand.
Moreover, BlackRock’s IBIT product has attracted over $25 billion in investments just ten months post-launch. MicroStrategy aims to raise an additional $42 billion to increase its BTC holdings. Global players are accelerating their Bitcoin adoption strategies; even Microsoft is preparing to present plans to add BTC to its balance sheet for shareholder approval.
The “Golden Cross” formation and the rise in individual investor demand are heightening expectations that BTC may reach its all-time highs. However, it remains crucial for investors to closely monitor the market during this pivotal period.
The post <a href="https://en.coin-turk.com/bitcoin-surges-as-individual-participation-increases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Surges as Individual Participation Increases</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.

Bitcoin Surges as Individual Participation Increases

Table of Contents

COINTURK NEWS

Other articles published on Oct 31, 2024

Solana Price Rally: Can It Outpace Cutoshi and Bonk This Month?

Crypto funding rounds broke $2B in October, led by Animoca Brands

First Neiro On ETH (NEIRO) Price Sparks Following Coinbase Future Listing Announcement

Bybit Card in The Pocket: Physical Card Applications Now Open in Argentina With Welcome Offer

Accused Crypto-Funder for Al Qaeda Granted Bail with Offline Gaming Limits

Brazil’s Central Bank Weighs Tax on Stablecoin Remittances Amid Regulatory Challenges

Join our free newsletter for daily crypto updates!