Bitcoin

Sherpa

<p><strong>There was some bullish price action in early October when Bitcoin briefly popped above $28,000 for the first time in 6 weeks (following mid-August market crash).</strong></p> 
<p>Just prior to that move, there were 4 large transactions ranging between $187 million and $346 million in value. This suggests that some major players were accumulating Bitcoin ahead of the price pop.</p> 
<p>In addition, the supply of Bitcoin on exchanges has continued to decline, dropping from 5.99% on September 1st to 5.73% currently (lowest level since 2017). This reduction in available supply is viewed as a positive sign for Bitcoin’s price, according to Santiment.</p> 
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 <img decoding="async" loading="lazy" width="1024" height="797" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-41-1024x797.png" alt="" class="wp-image-347688" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-41-1024x797.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-41-300x234.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-41-767x597.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-41-1536x1196.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-41-2048x1594.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-41-193x150.png 193w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-41-100x78.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-41-450x350.png 450w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-41-788x613.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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<p><em>Source: <strong><a class="thirstylink" rel="noopener noreferrer nofollow" target="_blank" title="Santiment" href="https://captainaltcoin.com/go/santiment/" data-shortcode="true">Santiment – Start using it today</a></strong></em></p> 
<p>However, at the time of this writing, Bitcoin is trading below $28,000 again, at around $27,500. So the bulls were not able to sustain the push above $28k.</p> 
<p><a href="https://x.com/AltcoinSherpa/status/1709004701465825581?s=20" target="_blank" rel="noopener noreferrer nofollow">According </a>to prominent crypto analyst Altcoin Sherpa, the late August wick above $28k tagged previous resistance and likely marked a short-term price bottom. The 4-hour moving averages still look bullish, so he believes this recent price action looks okay overall.</p> 
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 <img decoding="async" loading="lazy" width="1024" height="505" src="https://captainaltcoin.com/wp-content/uploads/2023/10/image-42-1024x505.png" alt="" class="wp-image-347696" srcset="https://captainaltcoin.com/wp-content/uploads/2023/10/image-42-1024x505.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-42-300x148.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-42-766x378.png 766w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-42-1536x758.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-42-2048x1010.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-42-304x150.png 304w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-42-100x49.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-42-709x350.png 709w, https://captainaltcoin.com/wp-content/uploads/2023/10/image-42-788x388.png 788w" sizes="(max-width: 1024px) 100vw, 1024px"> 
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<p>Altcoin Sherpa expects Bitcoin to continue chopping and retesting the $28k level again. If the bulls can flip that previous resistance into support, it would strengthen the case for a sustained move higher.</p> 
<p>So in summary, while Bitcoin remains rangebound for now, some analysts see the recent bullish developments as setting the stage for an eventual breakout. But more upside confirmation is likely needed before declaring a new bull market. Traders should watch the $28k level as a key price hurdle.</p> 
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<p>The post <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com/bitcoin-exchange-supply-crashes-to-2017-lows-fueling-bullish-sentiment/">Bitcoin Exchange Supply Crashes to 2017 Lows, Fueling Bullish Sentiment</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://captainaltcoin.com">CaptainAltcoin</a>.</p>

Bitcoin Exchange Supply Crashes to 2017 Lows, Fueling Bullish Sentiment

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