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Home»Bitcoin»Bitcoin set to reach new ATH? Keep an eye on these new statistics!
Bitcoin

Bitcoin set to reach new ATH? Keep an eye on these new statistics!

2024-11-04No Comments2 Mins Read
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  • The volume of large trades by whales and investors rose 7.85%, indicating a bullish outlook
  • At the time of writing, 55% of the top BTC traders had long positions, while 45% had short positions

Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is poised for an upward rally after an 8% price drop in recent days.

After breaking out of the descending channel pattern on October 28, BTC rose by more than 8%. However, the latest decline appears to be a price correction – a positive sign for the upcoming rally.

Bitcoin Price Analysis and Key Levels

According to AMBCrypto’s technical analysis, the cryptocurrency appeared to encounter resistance from a descending trendline within a four-hour time frame. If Bitcoin registers an upward rally, there is a good chance that the asset could break this aforementioned hurdle.

Bitcoin Price AnalysisBitcoin Price Analysis

Source: TradingView

If BTC breaks this trendline and closes a four-hour candle above $70,000, there is a good chance the asset could rise significantly. Potential to reach a new all-time high in the coming days.

However, this bullish thesis will only work if Bitcoin maintains support above the $67,500 level. Otherwise it may fail.

At the time of writing, BTC appeared to be trading above its 200 Exponential Moving Average (EMA) on both the four-hour and daily time frames, indicating an uptrend.

BTC’s bullish on-chain metrics

Looking at this bullish outlook, it seemed that whales and investors have increased their participation. According to the on-chain analytics company InTheBlokBTC’s high transaction volume has increased by 7.85% in the past 24 hours. This could help increase the price of the asset.

See also  Senator Lummis Urges to Stop Sales of Silk Road Bitcoin and Demands Accountability of FDIC on Crypto Records

Furthermore, BTC’s Long/Short ratio stood at 1.20, underscoring the strong bullish sentiment among traders. Meanwhile, Open Interest rose 2.9% over the past 24 hours, indicating growing interest and the formation of new positions from traders.

The Long/Short ratio of BTCThe Long/Short ratio of BTC

Source: Coinglass

Based on an analysis of Coinglass data, 55% of top traders had long positions, while 45% had short positions.

Price performance

At the time of writing, Bitcoin was valued at $69,100, having appreciated nearly 1.1% in the past 24 hours. During the same period, trading volume shot up 45%, indicating greater participation from traders and investors.

Next: FLOKI erases all October gains – how far can the price drop go?

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ATH Bitcoin Eye Reach Set statistics
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