After Bitcoin's bully closing date, these are the next possible destinations (BTC price analysis)
After Bitcoin's bully closing date, these are the next possible destinations (BTC price analysis)
BTC managed to achieve a strong week over 52.9,000 $ 52.9,000, the highest stands in September, which further confirms the bear trap to USD 39.6,000. After BTC had kept the higher low at 40.7,000 USD, a level that we observed closely followed, BTC successfully followed up and printed a second weekly candle.
This confirms the Bullische Engulfing-Cand of the previous week and strengthens the short-term technical momentum and structure. Although the technical conditions of the past week were slightly overbought, BTC managed to follow the ideal scenario by consolidating sideways and at the same time considering the level of USD 55,000 as support.
For BTC, it is important to keep over $ 52.9,000 this week and to follow it higher. It now moves deeper into the main resistance zone between $ 55,000 and $ 58,000, an area with strong technical and on-chain resistance.
Many buyers who bought BTC over $ 50,000 at the beginning of this year probably want to reach the profit threshold. This could increase the short -term sales pressure between $ 55,000 and 58,000, which makes it very important for the bulls to intervene and to absorb the incoming offer on the market. As soon as the offer is used up, we can assume that BTC will increase over $ 58,000 and will test the all-time highs again at $ 64.8,000, since there are less technical and on-chain resistance over 60,000.
on-chain continues to show strength
Although BTC enters between $ 55,000 and $ 58,000 in a severe resistance zone, the on-chain indicators still show no signs of a larger distribution of long-term owners and miners, which also indicates a continuation of the bull market. During the consolidation of the past week, the spot exchanges recorded a slight increase in inflows, mainly because some whales and dealers take profits after BTC quickly increased by the lowest.
Most sales came from short-term owners, which was confirmed by the UTXO age distribution metric, which shows the sale of 3 months old coins or disciples and an increase in the SOPR.
Despite consolidation and short -term profit from the time, the Mean Coin Age from Cryptoquant continues to be up and reached new all -time highs. This clearly shows that long -term owners have not sold this rally and keep their BTC Hodl.
The CryptoquantbtC diagram continued to exceed the SPX despite global risk loss and increasing dollar. Since the SPX forms a double floor with several consecutive daily higher conclusions, flows out money from long -term bonds and stagnates the dollar, the market shows potential signs of the risk of resumption of trade.
As soon as investors have overcome the short -term uncertainties, we can assume that the liquidity in trillion height will flow back into risk systems, in particular BTC. For the time being, the BTC bulls will continue to fight the bears, since the price is now testing the critical resistance zone of 57.1 000 to 58.3,000 USD.
In view of the strong trend in the fundamental data and the on-chain indicators, it is more likely that BTC will be on the way to new all-time highs later this month or in November.
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