Whale Power: How $40.5B in OI Fuels Bitcoin's Quest for $70K

"BTCUSD Soars: Will $70K Be Within Reach? Bullish Momentum Builds!"

QuoteQ

Potential reversal zone- $52530.

BTCUSD pared some of its gains due to profit booking. It hit a high of  $69498 yesterday and is currently trading at around $67275.

 BTC OI

Bitcoin's derivatives open interest has soared to an unprecedented $40.5 billion, coinciding with the cryptocurrency's price nearing the $70,000 mark. This surge highlights substantial market involvement and suggests the potential for increased volatility. 

Whale Wallets-

As of mid-October 2024, new large Bitcoin wallets hold about 1.97 million BTC, making up around 9.3% of all Bitcoin available. This is an incredible 813% increase since the start of the year. Recently, a long-unused wallet with 25 BTC, worth about $1.71 million, was reactivated after being inactive for over ten years. This happened when Bitcoin's price was close to $69,000, showing continued interest and possible market ups and downs.

Last week, U.S. spot Bitcoin ETFs received a significant inflow of $2.13 billion, with Blackrock iShares Bitcoin Trust (IBIT) contributing $1.14 billion. This shows that more investors are interested in Bitcoin, especially through regulated investment options.

Key Points:

• Total Inflows: U.S. spot Bitcoin ETFs gained $2.13 billion.
   
• BlackRock's Role: BlackRock's IBIT was the main contributor, adding $1.14 billion, showing strong interest and confidence in Bitcoin from big investors.

US markets -

 NASDAQ (No correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ trades higher after upbeat results from Netflix. Any close above 20500 will take the index to 21000.

 Technicals-

BTCUSD trades above the short-term moving average 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $65000.  Any break below will take it to the next level at $63000/$60000/ $57000/$55000/$52500/$50000/$46000.

 Bull case-

Primary supply zone -$70000.  Any break above confirms an intraday bullishness. A jump to $73500/$75000 is possible.      

  Secondary barrier- $75000. A close above that barrier targets $80000/$85000.

Indicator (4-hour chart)

CCI (50)- Bullish

Average directional movement Index - Neutral

 It is good to buy on dips around $63000 with SL around $60000 for TP of $70000.