The post Bitcoin (BTC) Spot Price Nears All-Time High Amidst Market Resurgence appeared on BitcoinEthereumNews.com.

Jessie A Ellis Oct 23, 2024 17:03 Bitcoin’s spot price surges towards $69k, nearing its all-time high, as on-chain metrics and rising futures interest signal a potential market revival. Bitcoin (BTC) has rallied significantly, with its spot price climbing to $69,000, just 6.8% shy of its all-time high (ATH), according to Glassnode Insights. This recent uptick marks a breakthrough of several critical technical and on-chain pricing levels, indicating a positive shift in market momentum since the lull observed in late June. Accelerating Price Action The recent surge in Bitcoin’s price is reminiscent of the 2021 up-cycle, differing from the downturns of 2019 and 2022. The market has broken through resistance levels, including the 200-day moving average (DMA) and the 111DMA, which are pivotal points for investors. The 365-day simple moving average (SMA) continues to act as a significant support level, particularly evident during the yen-carry trade unwind in August. Bitcoin’s price movement has also been confined between the ATH and the -23.6% Fibonacci retracement level, showcasing an unusual period of sideways trading. This stability is atypical, as Bitcoin generally either reaches new ATHs or sees significant sell-offs. On-Chain Indicators and Market Sentiment On-chain analysis reveals that net capital inflows into Bitcoin have increased by $21.8 billion over the past month, pushing the Realized Cap to a new ATH of $646 billion. This influx suggests a rise in liquidity and sustained capital support for Bitcoin’s price. The AVIV Ratio, a key on-chain metric, indicates robust investor profitability, with active investors maintaining their cost basis effectively. The current trading environment suggests a transition from an enthusiastic to a euphoric bull market, as Bitcoin attempts to surpass the 2021 ATH of $69,000. Futures Market Dynamics The Bitcoin futures market has seen a significant increase in open interest, reaching a new ATH of $32.9…

---

Filed under: News - @ October 24, 2024 12:20 am