- Bitcoin hits a 25-day high; trading volume surges 86%, signaling “Uptober.”
- Whales profit, selling 30,000 BTC amid short position liquidations.
Bitcoin, the world’s largest cryptocurrency, has once again sparked excitement within the market by reaching a 25-day high of $64,745 just hours ago. Over the past 24 hours, Bitcoin’s trading volume has surged by 86%, rekindling optimism among traders. Many in the crypto community are already calling it a taste of “Uptober,” hopeful that Bitcoin’s performance will continue to improve in the coming weeks. Notably, the cryptocurrency struggled earlier in the month, but whales have profited amidst these fluctuations.
Data from Santiment reveals that Bitcoin whales took advantage of the price surge, selling over 30,000 BTC—valued at approximately $1.86 billion—in the last 96 hours. Short-term holders have also benefited from the price increase, moving into profit. And, Coinglass data highlights that more than $146 million worth of short positions were liquidated between September 17th and 21st.
A significant transaction occurred in the last 24 hours, with 1,999 BTC, worth $128.6 million, transferred between two unknown wallets, signaling ongoing whale activity.
Meanwhile, prominent analyst Ali suggested that Bitcoin’s dominance may be peaking at around 47%, potentially setting the stage for an altcoin season. He noted that Bitcoin posted gains of 61% in Q4 2016 and 171% in Q4 2020, with 2024’s current price movements reflecting a similar pattern.
What is BTC’s Next Target?
On the technical side, Bitcoin remains in a bullish trend, with the 9-day Exponential Moving Average at $62,153. The Relative Strength Index (RSI) at 64 indicates Bitcoin is nearing an overbought condition. Should bullish momentum persist, resistance could emerge at $65,802 and $67,510. However, bearish sentiment could trigger a decline to $61,617, with support at $59,225.
BTC Price Chart, Source: Sanbase
As Bitcoin navigates these pivotal resistance levels, its ability to sustain momentum will be crucial. Traders and investors are closely monitoring for signs of continued strength or potential reversals in the coming days.
