Bitcoin (BTC) Breaks Past Crucial Resistance of $48,400, Can Trigger Bull Run Above These Levels
The world’s largest cryptocurrency Bitcoin (BTC) has started giving signs of the beginning of the next bull run during Q4 2021. Bitcoin has recently moved past its crucial resistance of $48,400 and is currently trading at $49,123 with a market cap of $929 billion.
As per the chart shared by crypto analyst Lark Davis, the next barrier for Bitcoin is at $51,000 levels. If it breaks past this on a daily candle formation, it will confirm the uptrend and the beginning of the next bull run.
On the other hand, a large amount of Bitcoin supply at the exchanges continues to move to cold wallets. As per on-chain data provider Santiment, the bitcoin supply at the exchanges has dropped to a 30-month low. The data provider explains:
With #Bitcoin on the cusp of returning to $50k for the first time in four weeks, this comes as the percentage of supply on exchanges has now dropped to its lowest level since June 4, 2019. The 30-month low further de-risks chance of a major selloff.
Bitcoin Miner Action and Network Developments
As CoinGape reported, although Bitcoin remained on a downtrend during the last month of September, the miner revenue continued to surge and reach $40M/day. Data provider Glassnode further notes that the difficulty Ribbon hints at a positive recovery since more miners are coming back online. It further explains:
The last comparable event was following bear market capitulation in Dec 2018, which took 164-days to flip positive. The current mining recovery has taken 120-days.
On the other hand, the Bitcoin Lightning Network capacity has touched 3000 BTC for the first time. The developments with the Bitcoin Lightning network have been going strong recently.
The Bitcoin fundamentals are ticking all the right boxes as we head into the fourth quarter of 2021. Analysts are already bullish and expecting Bitcoin to hit $100K levels by the end of the year.
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