Chair

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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/bitcoin/80-of-holders-remain-profitable-despite-bitcoins-drop-below-35k-could-this-be-an-opportunity-for-accumulation/">80% Of Holders Remain Profitable Despite Bitcoin’s Drop Below $35K: Could This Be An Opportunity For Accumulation?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>November is set to continue the upward trend from October, as Bitcoin kicks off the month with robust gains. BTC today surged, flirting with the $35K mark before confidently taking over it, reaching highs of just above $36K. Despite the growing stability of the market and rising open interest, there’s a concern for a significant liquidation event.</p>
<h2 class="wp-block-heading" id="bitcoin-s-open-interest-holds-40k-hope">Bitcoin’s Open Interest Holds $40K Hope</h2>
<p>In recent weeks, Bitcoin’s open interest has been on an upward trajectory, holding steady despite a shift in trader sentiment due to an extended period of sideways trading. Yet, Bitcoin’s latest surge—which some are <a href="https://coinpedia.org/price-analysis/attention-traders-this-could-be-yet-another-bitcoin-fake-breakout/" rel="noopener noreferrer nofollow">labeling a fake breakout</a>—has hit a stop beyond the $36K mark, and now the price is undergoing a downward correction, slipping below $35K.</p>
<p>According to insights from IntoTheBlock, close to 80% of Bitcoin holders remain profitable, even with the BTC’s value dropping below $35K. This sentiment is bullish, with expectations of a price uptick in anticipation of an upcoming ETF launch. Nevertheless, there is a rising concern over the chances of a considerable liquidation that may still be on the edge.</p>
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<p>While the market prepares for significant price fluctuations, substantial sell-offs or buy-ins have not occurred yet. Currently, the market is experiencing a period of relative calm. However, this lull is likely temporary. A comeback of rapid market movement could trigger abrupt waves of buying or selling, potentially creating turbulence for Bitcoin.</p>
<p>Should bearish news emerge about Bitcoin’s ETF launch, BTC may quickly lose its recent gains and fall under $30K as profit-earning holders rush to cash in. Nevertheless, such an outcome seems improbable given the market-friendly tone of recent hearings. Moreover, Fed Chair Powell’s remarks suggest a softer outlook on interest rate hikes, creating market speculation of a potential pause. This has prompted a shift from the dollar to riskier assets, benefiting Bitcoin for accumulation.</p>
<h2 class="wp-block-heading" id="h-what-s-next-for-btc-price">What’s Next For BTC Price?</h2>
<p>Bullish traders made an attempt to push Bitcoin past the $36K mark, but resistance from the bears increased, sending the price into a correction mode. As of writing, BTC price trades at $34,723, surging over 1.3% from yesterday’s rate.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/zPuktoJGSG_Ac1H81WaDFnSHonq3ZB69XHLUjgQPv__XxMVyNIuAjLVxRe0WgWrEVXPiKpoye913Tca62PHi-Kj-moir-s6E8SVe74jeGh9PJ92_NT9mK759MU-H9DyIiaBlyyR1sgYA4lBlGe2hkWs" alt="">
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<p>The Relative Strength Index (RSI) has taken a sharp decline due to BTC’s rejection. The indicator trades just above the midline, which could mean that the market may lean toward bears. The critical levels to monitor are $33,400 for a potential downward move and $31,000 on the lower end.</p>
<p>Should the price dip below this support level, the BTC price might fall towards the 200-day exponential moving average, where a robust buying pressure is expected. A close above $36,700 resistance level would indicate that the bullish trend is picking up momentum, possibly leading the price to surge towards the $40,000 mark.</p>

80% Of Holders Remain Profitable Despite Bitcoin’s Drop Below $35K: Could This Be An Opportunity For Accumulation?

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