Bitcoin kicked off the week with a significant jump, rising 6.9% within just 8 hours.
The surge was partly fueled by short liquidations and the influx of Tether and stablecoins moving onto exchanges, which spurred a buying frenzy.
📈 Bitcoin enjoyed a much needed boost to start the week, jumping +6.9% in an 8-hour span. Short liquidations provided an extra kick, and Tether/stablecoins moving to exchanges helped add to the buy frenzy. Read our quick insight on crypto's big jump! https://t.co/09eLS4xVXl pic.twitter.com/oXQPzYkQqV
— Santiment (@santimentfeed) October 15, 2024
Crypto markets are experiencing heightened volatility, with Bitcoin swinging between $67.8K and $64.8K in just the past two and a half hours. Market sentiment remains bullish, with twice as many positive comments as bearish ones. Solana traders, in particular, are displaying notable optimism.
📊 Crypto markets are extra volatile today as Bitcoin has ranged between $67.8K and $64.8K in just the past 2.5 hours. Crowd sentiment is still firmly bullish toward Bitcoin (seeing 2x the bullish comments for every bearish one). Solana's traders are notably euphoric as well. pic.twitter.com/1QZ3hKuZ7b
— Santiment (@santimentfeed) October 15, 2024
A growing divergence between Bitcoin’s supply and demand dynamics is becoming evident, as the market has remained range-bound for over seven months. The low trading volumes on both on-chain and futures markets, combined with a dominance of long-term HODLers, suggest we may be heading into a period of increased volatility.
A notable divergence between supply and demand is emerging, with the #Bitcoin market being range-bound for over seven months.
With low volumes across on-chain and futures markets and a HODLer-dominated environment, the scene is set for heightened volatility in the near future.… pic.twitter.com/C83NCo6ugl
— glassnode (@glassnode) October 15, 2024
Bitcoin’s 200-day Simple Moving Average (SMA), currently at $63,336, sits within a key demand zone between $61,770 and $63,728. In this zone, roughly 1.1 million BTC were bought by 2.5 million addresses, according to data from IntoTheBlock.
Bitcoin's 200-day SMA at $63,336 is within a key demand zone of $61,770 to $63,728.
In this zone, approximately 1.1 million $BTC were previously purchased by 2.5 million addresses, according to @intotheblock pic.twitter.com/i4PDC9Soqt
— Satoshi Club (@esatoshiclub) October 15, 2024
Bitcoin Whales And Institutional InterestÂ
Meanwhile, Bitcoin’s open interest across exchanges has hit a record high of $19.75 billion. Such a spike in open interest often signals upcoming major price movements, as more capital is now in play. Another critical factor is the strong correlation between whale holdings and Bitcoin’s price action.
Interestingly, while Bitcoin rallied from $54,000 to $66,000 over the past week, large holders offloaded or redistributed more than 70,000 BTC, valued at about $4.2 billion. Additionally, Bitcoin spot ETFs saw a net inflow of $556 million on October 14, with significant contributions from Fidelity’s FBTC and Bitwise’s BITB.
Take note of the strong correlation between large whale holdings and #Bitcoin's price. 👀👀👀
Interestingly, while $BTC surged from $54,000 to $66,000 over the past week, whales offloaded or redistributed over 70,000 #BTC, valued at roughly $4.2 billion. pic.twitter.com/KKcYdjF7Oo
— Ali (@ali_charts) October 15, 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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