Cryptocurrency

Bitcoin

<div class="finbold">
 <p class="paragraph">Despite the current slowdown, Bitcoin (BTC) has recently crossed the $35,000 <a rel="noopener noreferrer nofollow" title="level" href="https://thebittimes.com/tag/level.html">level</a> for the second time in a week and remains in the upper $34,700’s, with nearly 80% of its holders presently in profit and the cryptocurrency sector waiting with bated breath to see what happens next.</p>
 <div></div>
 <p class="paragraph">As it happens, over 78% of Bitcoin holders are making money at the flagship decentralized finance (DeFi) asset’s current price, as opposed to 17% in loss, according to the information shared by the blockchain and cryptocurrency analytics platform <em>IntoTheBlock </em>in an X post published on November 6.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/Z08nfNmf8pIIBG-oy5QTMXXSLRUvb2-4A21SL1U6YcH_V6nWkgDz7SC1oAv9uCOr5MAT_E--G92R5RsUWIAStPcuDus4EtOLY3ZpYdnKoeR4o_UBd5_9sWfSLP3essPXML0PYVoQr7a9NwhxB_G7euM" alt>
  <figcaption class="wp-element-caption"><em>Bitcoin holders in profit at current price. Source: </em><em>IntoTheBlock</em>
  </figcaption>
 </figure>
 <p class="paragraph">Furthermore, 1.94 million addresses have previously bought 778,859 BTC at a minimum price of $34,111.17 and a maximum price of $35,122.37, which makes the average of $34,650 a <a rel="noopener noreferrer nofollow" title="critical" href="https://thebittimes.com/tag/critical.html">critical</a> support <a rel="noopener noreferrer nofollow" title="level" href="https://thebittimes.com/tag/level.html">level</a> that the maiden crypto needs to hold for <a rel="noopener noreferrer nofollow" title="bulls" href="https://thebittimes.com/tag/bulls.html">bulls</a> to have “a massive <a rel="noopener noreferrer nofollow" title="victory" href="https://thebittimes.com/tag/victory.html">victory</a>,” as the analysts observed.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/ulfQ-3OcpnjjWOyKPnTPxtp320WS-jp5VT_XMmII0ekkAkDE-zo3uOV1O8eJ71kphBs75GGN1R01otBbshh1wNmZkYkQsWjNNNjEeTsQ0lcWqv5wuyGR0-I2Q2xZbEorq5yivQ5r50kpqJ_7WaBfOc8" alt>
  <figcaption class="wp-element-caption"><em>Bitcoin holders in/out of the money around price. Source: </em><em>IntoTheBlock</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">As things stand, Bitcoin was at press time trading at the price of $34,765, which suggests a marginal decline of 0.67% in the last 24 hours but still a 1.31% gain across the previous seven days, in addition to the advance of 24.90% over the past month, according to the latest charts on November 7.</p>
 <figure class="wp-block-image aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/v4yduDvQVKF9eH2R4nONktlMSsWao2jAdyCzgdG5ilrB6QMrOGOTXoFlbC1KYJU0xikaBJupOoQTZHwza9nEUB1xULH9AspYMyJ6uXa3W5hbJNlbFZRL1E8df2GwjrWqjNwtyvB48vXpWJzrUXeM_PQ" alt>
  <figcaption class="wp-element-caption"><em>Bitcoin 30-day price chart. Source: </em><em>Finbold</em>
  </figcaption>
 </figure>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/07/fd3764b37739aa52e7b2423fa5cb8c98.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="michael-saylor-3-catalysts-that-will-take-bitcoin-to-5-million">Michael Saylor: 3 catalysts that will take Bitcoin to $5 million</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/07/552056ec5c526ef1477254b661050a50.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="it-now-costs-a-big-mac-to-use-the-bitcoin-network">It now costs ‘a Big Mac’ to use the Bitcoin Network</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/07/97c5b04945ee0a0c729cf0f8dbc9491a.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="3-things-to-look-out-for-bitcoin-in-november">3 things to look out for Bitcoin in November</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/07/66f93769a5327236b9b9c03f17cadb97.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="xrp-surges-to-3-month-high-as-whale-wallets-accumulate">XRP surges to 3-month high as whale wallets accumulate</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/11/07/52a5aa4632ebf2f7a4b573f20a63f323.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Banking 
       <h3 class="font-bold leading-6 " id="germany-s-third-largest-bank-launches-crypto-custody-platform">Germany’s third-largest bank launches crypto custody platform</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Meanwhile, Bitcoin has also experienced a massive uptick in network activity, with more than 700,000 new addresses joining in a single day on November 4, indicative of renewed investor optimism surrounding the possibility of a first Bitcoin spot exchange-traded fund (ETF), as Finbold reported on November 6.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/massive-victory-for-bitcoin-bulls-if-this-critical-level-holds-tbt69367.html">https://thebittimes.com/massive-victory-for-bitcoin-bulls-if-this-critical-level-holds-tbt69367.html</a></p>

Massive victory for Bitcoin bulls if this critical level holds

Table of Contents

TheBitTimes

Other articles published on Nov 7, 2023

This Euro Stablecoin Startup Secures €3.3 Million in Funding from Investors

Crypto Lawyer Backs Michael Saylor's Bitcoin Playbook in Twitter Endorsement

Ava Labs LayOffs: Avalanche Parent Cuts Staff By 12%, Shifts Focus to Core Activities

Bitcoin Network Experiences Historic Hour-Long Block Production Delay

Bitcoin Suddenly Adds Nearly $1,000 as Volatility Picks Up Steam

FTX execs want slice of insurance pot to pay attorneys

Join our free newsletter for daily crypto updates!