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In the last 24 hours, Bitcoin’s price rose approximately 3% to reach $64,082. However, the leading cryptocurrency faced significant resistance at the $64,000 level, which coincides with its 200-day moving average. Following this resistance touch, Bitcoin’s price experienced a slight decline of 1%, pulling back to $63,400.
Technical Analysts Discuss Bitcoin’s Future
Due to price volatility, over $50 million worth of Bitcoin 
$103,023 has been liquidated in the leveraged market. The largest liquidation occurred on the OKX exchange, involving a $5 million transaction. Analysts believe that Bitcoin’s price may retreat further in the coming days before reaching its all-time high.
According to popular crypto analyst Ali Martinez, the TD Sequential indicator signaled a sell for Bitcoin, suggesting a medium-term correction this weekend. However, Martinez anticipates a rise towards the all-time high if Bitcoin can maintain a stable close above the $64,000 liquidity level.
Whale Activity Increases
On-chain data analysis indicates that large Bitcoin investors, known as whales, have significantly increased their trading activities, primarily led by miners. In the past 30 days, Bitcoin supply across various exchanges has decreased by over 96,600. During the last four weeks, Bitcoin supply on Coinbase and Binance dropped to 15,100 and 58,300, respectively.
The notable decline on Coinbase was largely influenced by increased demand from spot Bitcoin ETF issuers. In the last two weeks, net cash inflows into spot Bitcoin ETFs in the U.S. exceeded $700 million, led by Fidelity’s FBTC. On Thursday, U.S. spot Bitcoin ETFs recorded a net cash inflow of approximately $158 million.
Additionally, on-chain data shows that some Bitcoin miners who had been inactive for over 15 years activated their wallets, containing about 250 BTC, early today.
Market Outlook and Connection to Gold
Following the Fed’s initiation of its first interest rate cut since the COVID-19 pandemic, the Bank of Japan aligned with market expectations by keeping interest rates at 0.25%. As a result, the ongoing global economic changes may provide significant liquidity to the cryptocurrency market during this bull phase.
Moreover, the crypto industry is expected to exhibit an upward trend, particularly by following the valuable metal market, especially gold. According to recent market data, gold prices surpassed $2,609 per ounce early today, reaching an all-time high.
With a positive correlation between gold and Bitcoin prices, the cryptocurrency market is likely to follow a parallel path, especially during the anticipated fourth-quarter upswing. Investors closely watch Bitcoin’s attempts to surpass the critical $64,000 resistance level. Technical indicators and whale movements present both risks and opportunities for the market. Increased institutional interest in spot Bitcoin ETFs and reactivated miners provide vital clues on how the market may evolve in the coming times. Therefore, it is crucial for investors to analyze market dynamics carefully and adjust their strategies accordingly.
