The 2023-24 Bitcoin bull market has experienced a -26% drawdown on a closing basis, a figure consistent with prior uptrend cycles.
Despite Bitcoin’s historical resilience, the recent correction marks the most significant decline since the FTX collapse, highlighting a particularly challenging period for market demand.
However, larger stablecoin balances on exchanges have positively correlated with higher Bitcoin prices, indicating potential for upward movement.
The 2023-24 #Bitcoin bull market drawdown has reached -26% on a closing basis, in line with prior uptrend cycles. Despite this resilience, the recent correction has been the deepest since the FTX collapse, marking one of the more challenging periods for demand. pic.twitter.com/0PJLuLPRg6
— glassnode (@glassnode) October 11, 2024
Since January, USDT (ERC20) balances on exchanges have surged by 146%, rising from $9.2 billion to $22.7 billion, even though Bitcoin’s price has remained relatively flat.
Bitcoin is now gearing up for a showdown between key resistance levels of $64,000 and $55,000, linked to the realized price UTXO age bands. These price points represent the average entry levels for both short-term (3-6 months) and long-term (6-12 months) investors.
Larger stablecoin balances on exchanges are positively correlated with higher #Bitcoin prices.
Since January, USDT (ERC20) balances have grown 146%, from $9.2B to $22.7B, despite Bitcoin’s price staying flat. pic.twitter.com/iX5EMIyxZ5
— CryptoQuant.com (@cryptoquant_com) October 11, 2024
A break through the $64,000 resistance could ignite a bullish rally, while failing to surpass this level may lead to bearish momentum.
Bitcoin is gearing up for a showdown between $64K and $55K, key resistance points linked to the realized price UTXO age bands.
These numbers pinpoint the average entry for investors: the short-term crowd (3-6 months) and the long-term players (6-12 months).
Breaking through… pic.twitter.com/NIJMWQTgKN
— Kyledoops (@kyledoops) October 12, 2024
Whales’ Confidence Rises as Bitcoin Moves Up
Whale activity in the $54,000 to $68,000 price range signals increasing confidence in Bitcoin’s future performance. Both seasoned investors and newcomers are accumulating Bitcoin, pointing to a potential price surge in the coming months.
A smart whale with a profit of ~$181M on $BTC bought another 200 $BTC($12.56M) today!
The whale bought 6,000 $BTC($158.6M) at $26,429 from Aug 24 to Sept 2, 2023, and bought another 2,000 $BTC($88.76M) at $44,381 before the #Bitcoin ETF launched on Jan 10.
He wisely sold 1,500… pic.twitter.com/8MGoF9xX7D
— Lookonchain (@lookonchain) October 12, 2024
One smart whale, who has earned approximately $181 million in profit from Bitcoin, bought another 200 BTC ($12.56 million) recently. This whale had previously accumulated 6,000 BTC at $26,429 between August 24 and September 2, 2023, and another 2,000 BTC at $44,381 before the Bitcoin ETF launch in January.
#Bitcoin whales are making waves, snapping up chunks in the $54K-$68K zone.
Both newcomers and veterans are beefing up their stakes, hinting at a looming major price surge, possibly upward, over the coming months.
This whale activity signals soaring confidence in Bitcoin's… pic.twitter.com/PElQiFumJN
— Kyledoops (@kyledoops) October 12, 2024
Additionally, on October 11, the total net inflow into Bitcoin spot ETFs reached $254 million, with Fidelity’s FBTC contributing $117 million and ARKB adding $97.58 million, further bolstering Bitcoin’s bullish outlook.
On October 11, the total net inflow of Bitcoin spot ETFs was $254 million. The inflow of Fidelity ETF FBTC was $117 million, and the inflow of ARKB was $97.5837 million. The net outflow of Ethereum spot ETF was $97,100. https://t.co/59u0BnEqLG
— Wu Blockchain (@WuBlockchain) October 12, 2024
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: thodonal/123RF // Image Effects by Colorcinch
