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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.
