Bitcoin Approaches Key Resistance as Whale Accumulation and ETF Inflows Rise | October 24, 2024

Bitcoin is currently testing the $68,000 resistance level, which has proven to be a key overhead barrier in the recent past. The price has approached this resistance multiple times, facing sell-offs each time it reached this zone. If Bitcoin fails to break above $68,000 convincingly, we might see another rejection, potentially leading to a pullback towards lower support levels.

The $66,500 level serves as an immediate support zone. If the price pulls back from the $68,000 resistance, this level could be tested next. A break below this support might lead to a more significant decline, with the next major support identified around $65,000, labeled as a “Buy Level” in the chart. This level aligns with a previous strong support zone, suggesting a higher likelihood of buyers stepping in aggressively.

The volume at these price points indicates moderate buying interest, but there is no significant spike that would suggest strong momentum to push through the resistance. For a bullish continuation, Bitcoin needs a strong breakout above $68,000 on high volume. This would likely open the path toward testing higher levels, possibly targeting the $70,000 area.

Bitcoin whale accumulation has hit a record high of 670,000 BTC as Bitcoin’s price recovers to $67,000. This reflects bullish sentiment among long-term holders, despite recent price drops. Whale holdings often signal a potential for increased demand during bull markets. Bitcoin’s recent price surge aligns with historical patterns, where whale accumulation preceded a significant rally, similar to 2020. Additionally, Bitcoin ETF inflows have rebounded, indicating sustained institutional interest. Analysts observe a “V-shaped” recovery and potential for further gains if Bitcoin breaks the $67,800 resistance.