Bitcoin (BTC) price rallied over 8 percent last week to close above $63k following the ongoing economic shift triggered by the U.S. Fed’s rate cut. Having successfully rebounded from the 50-week Moving Average (MA), Bitcoin price is now retesting the crucial resistance level above $64k.
The notable Bitcoin price rebound in the past two weeks has significantly reduced the fear of further crypto capitulation. Bitcoin’s fear and greed index hovered above 50 percent on Monday during the early Asian session.
Bitcoin Whales Increases Appetite
Amid the global geopolitical uncertainties, especially between NATO and the BRICS movement, the demand for Bitcoin has grown with Gold. Notably, Gold price has been in a price discovery phase recently and opened this week to an all-time high (ATH) of around $2,630.
With Bitcoin’s price expected to follow Gold’s in a bullish outlook soon, on-chain data analysis shows whale investors have significantly increased their holdings. The Bitcoin supply on centralized exchanges (CEXs) has already dropped to multi-year lows of about 2.3 million, up from 2.7 million units in March.
In the past 30 days, more than 91.1K Bitcoins were withdrawn from CEXs led by Binance and Coinbase Pro. In the past two weeks, the US spot Bitcoin ETF issuers accumulated nearly $800 million in coins.
BTC Price New ATH in Q4 2024
$BTC could test the crucial 68k resistance level later this week. 📈
In early October, I’m Expecting a Broadening Wedge Breakout to the upside, and Bitcoin could reach $88-90k by the end of December.#Crypto #Bitcoin #BTC #BTCUSDT pic.twitter.com/9kKx5iyrN6
— Captain Faibik 🐺 (@CryptoFaibik) September 23, 2024
After registering poor performance in the third quarter, Bitcoin’s price is expected to record impressive growth in the fourth quarter, possibly closing the year at around $100k. While the risks of retesting the $55k support level cannot be entirely invalidated, more indicators suggest the bulls are in control.
The weekly Relative Strength Index (RSI) has already rebounded above the 50 percent level and broken out of a falling logarithmic trend. A consistent close above the 200-day Moving Average will propel Bitcoin price towards the next major milestone of about $69k
