Bitcoin broke the $37,000 level for the first time in 18 months, but investors continue to have different opinions on BTC‘s price movement. Bitcoin continues to steadily progress towards the $40,000 level during this period. The post Why is Bitcoin Rising? Market Analysts Share A...
Why is Bitcoin Rising?
Bitcoin, which experienced a 6.6% increase in the first days of November, continues to surprise some market participants by gaining approximately 30% in October. According to analysts at on-chain data monitoring platform Material Indicators, the real problem for Bitcoin lies in the trading volume.
The company shared in a post from its official X page that this rise was fast, but the support based on strong volume at current levels has never been seen before:
“Support is fixed at the $33,000 level. Meanwhile, the $40,000 resistance has risen to the $42,000 range. It is undeniable that the price challenges a series of different local peak signals, but it is also impossible to deny that something seems wrong with this movement.”
Attention-Grabbing Bitcoin Comments from Market Analysts
Following these comments, popular investor Skew, who attracts attention with his posts on X, revealed the ongoing whale sell-off towards $40,000, which will most likely be seen as an important psychological level on its own.
According to CoinGlass, a blockchain data analysis company, the total Bitcoin futures trading OI data was over $17 billion at the time of writing, which is the highest value since mid-April. Tedtalksmacro made the following comments in his analysis:
“We will realize that it is a full bull time when the market ignores this and follows higher trends with higher OI values. It is a data to be monitored.”