BTC stays below 35000. Will Bitcoin Bulls continue pumping?
- Bitcoin hits an 18-month high, reaching $35,981 in a strong bull run.
- A large BTC whale moves 7,000 BTC to Bitfinex.
Bitcoin, the leading cryptocurrency by market capitalization, is currently experiencing a strong bull run. BTC reached an 18-month high on November 2, surging to $35,981, defying the persistent bearish trend that dominated it for nearly a year. October 2023 proved to be one of the most remarkable months for Bitcoin’s performance, with a nearly 28% increase, and the bullish momentum has continued into the current month.
While the crypto community celebrates the resurgence of bulls, the question arises about what drives this bullish trend. Many attribute it to the anticipation of Exchange-Traded Funds (ETFs) and the growing interest and updates from major asset management firms regarding ETF applications. But Traders also offer alternative perspectives, pointing to several factors, including the cautious stance of the Federal Open Market Committee (FOMC) and a lower-than-anticipated US Treasury supply estimate.
Additionally, the market observed a significant move as a large Bitcoin (BTC) investor transferred 7,000 bitcoins, valued at approximately $244 million, to the crypto exchange Bitfinex. This whale move may indicate an intention to realize profits from earlier purchases. This action is closely monitored by the crypto community as it can influence the market.
Meanwhile, the prevailing BTC market sentiment appears to be leaning towards greed, as indicated by the latest reading from the Bitcoin Fear and Greed Index, which currently stands at 68. This suggests that traders are inclined to buy more, and the market is on an upward trend.
What’s Next For Bitcoin Bulls?
Looking at Bitcoin’s recent price movements, there is a clear bullish trend on the daily chart. The 9-day exponential moving average (EMA) is currently below the trading price at $34,368. Additionally, the daily relative strength index (RSI) is at 75, indicating an overbought condition.
Bitcoin Price Chart, Source: TradingView
As of the time of writing, BTC is trading at $34,794, marking a 0.95% increase in the last 24 hours, according to data from CoinMarketCap. However, the trading volume has decreased by 19%. If the price manages to surpass the $37,400 resistance level, it is likely to head towards the $40,000 mark. Conversely, if the price falls below the $33,630 support level, it may test the $30,480 level.