bullish

Bitcoin

when

Time

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin [BTC] is at a critical point, struggling to break resistance after a September rally took prices close to $65K.</li> 
 <li>Whale cohorts holding 1K to 10K BTC have shown confidence in Bitcoin’s future gains, purchasing over 50K BTC in the last 10 days.</li> 
</ul>  
<p>Bitcoin [BTC] is currently at a crucial juncture as bulls are finding it difficult to overcome resistance. This follows a September rally that saw prices nearly hitting $65K. </p> 
<p>At the time of writing, Bitcoin is priced at $60,480. The expected repetition of the late July cycle has not occurred, with bears pulling back and bulls aiming for the next resistance at $68K. </p> 
<h2 id="bearish-pressure-and-whale-confidence">Bearish Pressure and Whale Confidence</h2> 
<p>Despite the bullish aims, there is still bearish pressure, which is causing concerns about a deeper pullback. If the bulls lose their momentum, BTC could fall back to around $55K. However, a significant event has stirred optimism, leading to speculation that this surge in demand could trigger a short-squeeze. </p> 
<p>Whale cohorts holding between 1K to 10K BTC have shown confidence in Bitcoin’s potential for future gains. They have purchased over 50K BTC in the past 10 days, valued at around $3.14B. </p> 
<p>Interestingly, this buying surge coincided with a period when Bitcoin was under pressure from short-sellers after it rose close to $63K. These purchases have helped to prevent a significant pullback, assisting Bitcoin’s climb towards the $65K resistance. </p> 
<h2 id="short-positions-at-risk">Short Positions at Risk</h2> 
<p>Currently, a rebound to $61K presents a strong liquidity pocket, holding about $40M in leverage. A close near that range would put short sellers at risk, forcing them to close their positions and causing BTC to swing upwards. </p> 
<p>Typically, whale accumulation patterns often coincide with Bitcoin testing a market bottom. A retreat back to $60K was necessary to shake off weak hands. These are individuals who acquired BTC at an earlier support of $55K and are now looking to cash in on their gains and exit the cycle. </p> 
<p>Now, the key is to flip the $60K resistance into support, which would encourage new buyers to enter the market. This shift would allow whales to target the market bottom and push BTC closer to $66K. </p> 
<p>While net outflows have regained control after three days of rising BTC supply, suggesting that $60K presents a strong buy-the-dip opportunity, a more robust push is needed to confirm a bull rally. </p> 
<p>In summary, if bulls can take advantage of this price point with aggressive buying and flip $60K into support, a rebound could drive BTC back to $66K. If not, and if bearish sentiment prevails without any party to absorb pressure, fear could trigger panic selling. This would allow shorts to maintain control and potentially push BTC down to around $55K, setting the stage for the next market bottom. </p>

Is Now the Time to Invest? Bitcoin Surges Close to $60K Amid Increased Whale Confidence

Table of Contents

CoinEagle.com

Other articles published on Oct 3, 2024

Japan Reforms Crypto Gaming Laws: What To Expect

Bitcoin: Why Does Trump Want To Save Ross Ulbricht?

Data Centre & Cloud Innovation Summit 2024- Transforming the Future of Data Centres and Cloud Com...

Trump, missiles, and a world on the brink: Polymarket’s biggest predictions for the next few months

Dormant Ethereum ICO Participant Moves 19,000 ETH, Adding Pressure to Ethereum’s Price Decline

Weekly Article Recap: 9/23-9/27

Join our free newsletter for daily crypto updates!