Bitcoin's Bullish Momentum: Whales Accumulate as Price Teeters Near $70,000!

Potential reversal zone- $52530.

 BTCUSD consolidating in a narrow range between $69363 and  $65000 for the past four days. It hit a high of  $67915 at the time of writing and is currently trading at around $67696.

Whales Accumulation and Institutional demand-

Recent data shows that Bitcoin whales, defined as holders of over 1,000 BTC, are increasing their Bitcoin holdings. As of October 2024, there are 1,678 of these whales, the highest number since January 2021, indicating growing confidence in Bitcoin's future. Institutional demand has also risen, especially with large inflows into spot ETFs, which bought an average of 9,000 BTC per day in the first quarter of 2024. This strong institutional interest is helping to push Bitcoin prices higher, reaching recent peaks above $67,000.

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 showed a minor pullback after a upbeat Tesla earnings. Any close above 20700 will take the index to 21000.

  Technicals-

 BTCUSD trades  above 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)- Bearish

Average directional movement Index - Neutral

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