bullish

Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin (BTC) is showing signs of an upcoming rally after an 8% price correction.</li> 
 <li>Large transaction volume by whales and investors surged by 7.85%, signaling a bullish outlook.</li> 
</ul>  
<p>Bitcoin (BTC), the leading cryptocurrency by market capitalization, seems to be preparing for an upward surge following an 8% price drop in recent times. </p> 
<p> After breaking out of the descending channel pattern on 28 October, BTC experienced an 8% rise. The recent decline seems to be a price adjustment, which bodes well for the anticipated rally. </p> 
<h2 id="bitcoin-price-analysis-and-key-levels">Bitcoin Price Analysis and Key Levels</h2> 
<p>Technical analysis suggests that the cryptocurrency is encountering resistance from a declining trendline on a four-hour timeframe. If Bitcoin does rally, it’s highly likely that it could overcome this hurdle. </p> 
<p> If BTC surpasses this trendline and a four-hour candle closes above $70,000, the asset could potentially soar to a new all-time high. However, this bullish scenario will only materialize if Bitcoin can maintain support above the $67,500 level. </p> 
<p> As of writing, BTC seems to be trading above its 200 Exponential Moving Average (EMA) on both the four-hour and daily timeframes, indicating a possible uptrend. </p> 
<h2 id="bullish-on-chain-metrics">Bullish On-Chain Metrics</h2> 
<p>In line with this bullish outlook, there seems to be an increase in participation from whales and investors. According to on-chain analytics firm IntoTheBlock, BTC’s large transaction volume has spiked by 7.85% over the past 24 hours, which could potentially drive the asset’s price up. </p> 
<p> Furthermore, BTC’s Long/Short ratio stands at 1.20, indicating strong bullish sentiment among traders. Its Open Interest also rose by 2.9% over the last 24 hours, suggesting increased interest and the creation of new positions by traders. </p> 
<p> Analysis of Coinglass data reveals that 55% of top traders are holding long positions, while 45% are holding short positions. </p> 
<p>At press time, Bitcoin was valued at $69,100, appreciating by nearly 1.1% over the last 24 hours. Its trading volume also skyrocketed by 45% during the same period, reflecting heightened participation from traders and investors. </p>

Predicting Bitcoin’s Record High: Key Metrics to Watch!

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CoinEagle.com

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