Bitcoin

Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/cryptoquant-highlights-bitcoins-recent-surge-and-key-levels-for-short-term-traders/" data-wpel-link="internal">CryptoQuant Highlights Bitcoin’s Recent Surge and Key Levels for Short-Term Traders</a> 
CryptoQuant, in its latest market analysis report, indicates that Bitcoin (BTC) has risen over 23% in the past three weeks. The leading <a href="https://en.coin-turk.com/james-fickel-faces-major-losses-in-cryptocurrency-market-2/" data-wpel-link="internal">cryptocurrency</a> has gained momentum, climbing from $52,500 to surpass the $65,000 level. One of the primary reasons for this increase is the growing demand for spot Bitcoin ETFs. The analysis company emphasizes that the average purchase price for short-term Bitcoin investors stands at $63,000, a level that is expected to serve as support under current market conditions. However, the futures market exhibits some warning signs. 
<h2 style="text-align: justify" id="strong-critical-level-for-short-term-investors-strong">Critical Level for Short-Term Investors</h2> 
Short-term investors are those who have engaged in Bitcoin trading over the last 155 days. According to CryptoQuant, the average purchase price for these investors is around $63,000. 
<img decoding="async" class="aligncenter size-full wp-image-392847" src="https://coin-turk.com/wp-content/uploads/2024/09/GYq-yn4WsAAq7dp.png" alt="" width="4000" height="2250"> 
With the latest surge in BTC, these short-term investors have returned to profitability. This level is expected to play an important role as a support level, meaning that if prices were to decline, it is likely to find support around the $63,000 mark. 
On the other hand, there are negative conditions for the market. The futures market shows signs of overheating, with the open interest in futures contracts reaching $19.1 billion. Such high levels have led to price corrections six times over the past six months, and now it seems to be repeating for the seventh time. 
<h2 style="text-align: justify" id="strong-spot-etfs-and-long-term-investors-strong">Spot ETFs and Long-Term Investors</h2> 
In addition, the rising demand for spot Bitcoin ETFs is affecting the supply of long-term investors in the market. While this development is seen as a positive sign, it often represents a shift observed towards the end of a bull market. Therefore, investors need to monitor the market closely. Demand for ETFs may increase the retention of BTC by long-term investors but could also signal that the market cycle is nearing its peak. 
Overall, there are both positive and risky indicators in the Bitcoin market. The $63,000 level is evaluated as a critical support point for short-term investors, while the overheating in the futures market and intense interest in ETFs require careful observation. 
The post <a href="https://en.coin-turk.com/cryptoquant-highlights-bitcoins-recent-surge-and-key-levels-for-short-term-traders/" data-wpel-link="internal">CryptoQuant Highlights Bitcoin’s Recent Surge and Key Levels for Short-Term Traders</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

CryptoQuant Highlights Bitcoin’s Recent Surge and Key Levels for Short-Term Traders

Table of Contents

COINTURK NEWS

Other articles published on Sep 30, 2024

Is MicroStrategy stock (MSTR) a better investment than Bitcoin after delivering 36x returns?

Crypto Wallet Thief Steals $75,000 Using Malicious App- Research

5 Real World Assets (RWA) Altcoins You Should Trade in October

Bitcoin Set to Skyrocket in Q4 2024: Coinbase Predicts Massive Gains

Matrixport Acquires Crypto Finance, Expands Global Reach

CryptoPunks Dominate Top NFT Sales with $147K Transaction

Join our free newsletter for daily crypto updates!