Whale Watching: Bitcoin's Bullish Surge Driven by Institutional Accumulation

Potential reversal zone- $52530.

 BTCUSD formed a minor bottom around $65000 and showed a minor pullback. It hit a high of  $68726 at the time of writing and is currently trading at around $68354.

Whales Accumulation and Institutional Demand-

In the past month, Bitcoin whales have accumulated approximately 173,000 BTC, valued at around $11.7 billion, signaling strong bullish sentiment. The number of wallets holding 100 BTC or more increased by 297, a 1.9% rise, while retail wallets declined by about 20,629. Currently, whales hold around 3.9 million BTC, accounting for about 20% of the total market cap. Since mid-2023, large investors have added about 670,000 BTC to their holdings.

As of October 21, 2024, Bitcoin's futures market has hit a major milestone with open interest (OI) exceeding $40.5 billion. This increase in open interest shows more trading and leverage happening in the derivatives market, indicating strong confidence among investors as Bitcoin nears the $70,000 level.

US markets -

  NASDAQ (No correlation with BTC) - Bullish  (neutral for BTC). The NASDAQ surged sharply after robust Tesla earnings. Any close above 20700 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.