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Highlights
- The Bitcoin price breached the resistance trendline of a 7-month accumulation trend amid increasing whale numbers.
- The SEC approval for Bitcoin ETF options on the NYSE significantly contributes to BTC's price recovery.
- The 20-and-50 EAM offering dynamic support indicates the BTC price entered a high momentum bull run.
During Sunday’s low volatility trading, the Bitcoin price shows an insignificant surge of 0.01% to trade at $68,365. The neutral candle shows the buyers are recuperating exhausted bullish momentum after a high-momentum rally since last week. With crypto whales strengthening their grip over this asset, the BTC price gives a decisive breakout from the seven consolidation trends.
Bitcoin Price Shatters 7-Month Consolidation as Whale Activity Soars
According to Santiment data, the recent BTC price recovery is backed by an increasing number of crypto whales. After Bitcoin correction bottomed at $60,000, the Whale numbers, holding between 100 and 1,000 BTC, increased by 268. Analysts typically view this increase in large holders as a bullish indicator, reigniting the “Uptober” sentiment in the crypto market.
🐳 Bitcoin’s number of whales grew substantially just as its value was bottoming out around $59K on October 10th. Between October 10th and 13th, there was a net rise of +268 more wallets holding between 100-1K BTC, likely playing a part in this bull rally. pic.twitter.com/fPmNpYrjJZ
— Santiment (@santimentfeed) October 18, 2024
Another key factor driving Bitcoin price recovery is the SEC’s approval for Bitcoin ETF options to be listed on the New York Stock Exchange (NYSE). This new crypto-based product is expected to provide the Bitcoin ETF with the necessary liquidity to attract sustainable inflows.
With Bitcoin only 7.5% below its all-time high, this approval could push BTC price past its previous peak.
BTC Price Signals Key Breakout for New ATH
Over the past seven months, the Bitcoin price has traded sideways, resonating within two downsloping trendlines of a flag pattern. The chart setup theoretically shows an established rally, and the temporary counter-trend move helps buyers regain bullish momentum.
In October, the Bitcoin price prediction showed a sharp reversal from $60,000 to $68,323, accounting for a 14% increase. This upswing also highlighted the price sustainability above the daily exponential moving average (20, 50, 100, and 200), indicating a suitable bullish sentiment for higher recovery.
On Friday, the rising price gave a decisive breakout from the overhead trendline, signaling the end of a 7-months consolidation. If the breakout sustains, the buyers could drive a 22% rally to hit a new high of $82,000.
On the contrary, if the Bitcoin price reenters the flag range, the sellers could strengthen their grip over this asset to push a fresh correction trend.
Frequently Asked Questions (FAQs)
1. What caused Bitcoin to break its 7-month accumulation phase?
2. How is whale activity impacting Bitcoin’s price?
3. What are the key levels to watch for Bitcoin’s next rally?
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