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Bitcoin volatility rises, potential rally towards $73K

The Key Takeaways

Bitcoin (BTC) is showing signs of an imminent price rally. Despite a dip below the USD 64,000 mark, various on-chain data suggest that a price increase could be on the horizon. Low exchange reserves and the behavior of long-term investors and miners support this thesis. A breakout above USD 65,000 could pave the way for new all-time highs.

Bitcoin Under Pressure, but Hope Remains

In recent days, Bitcoin has been grappling with increased volatility. The price fell below the USD 64,000 mark and was trading at USD 63,952.64 at the time of analysis. Despite this decline, there are reasons to remain optimistic. Historical data shows that similar patterns have led to significant price increases in the past.

Key On-Chain Data Points to Price Increase

One of the most important metrics indicating a potential price increase is the exchange reserve. This metric shows how many Bitcoin are held on exchanges. A decline in exchange reserves suggests that fewer BTC are available for sale, which often indicates increased buying interest. According to data from CryptoQuant, the exchange reserve is currently declining, indicating rising buying pressure.

Long-Term Holders and Miners Remain Optimistic

Another positive signal comes from long-term holders. The so-called “Binary Coin Days Destroyed” (CDD) indicator shows that the movement of BTC, which had not been transferred for a long time, is below average. This means that long-term investors are holding onto their assets and not selling. Miners, who are often considered key market participants, are also holding their coins back, according to the Miners’ Position Index (MPI).

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Key Resistance Level at USD 65,000

A look at the technical analysis shows that Bitcoin is currently struggling to break through the resistance level of USD 65,000. However, if a bullish breakout occurs, the price could quickly rise to USD 73,000. Such an increase would open up the potential for new all-time highs.

Our Assessment

Although Bitcoin is currently under pressure, there are several indications that a price increase could be imminent. Low exchange reserves, the behavior of long-term holders and miners, as well as technical analysis, point to a possible bullish movement. If Bitcoin breaks through the USD 65,000 mark, this could pave the way for new all-time highs.

Casinos: 49
Profile Bitcoin
Symbol BTC
Coin type Alt Coin
Transaction Speed Slow
Pros
  • First cryptocurrency, therefore very widespread
  • Largest selection of casinos among the coins
  • Many BTC based bonus offers
Cons
  • Fairly low transaction speed
Price $60,713.00
24h % 0.18 %
7d % -6.24 %
30d % 4.35 %
60d % 2.04 %
1y % 122.67 %
Market Cap $1,200,938,413,014.00
Max. Supply 21,000,000.00
Official Links
Socials Reddit | X | Message Board
Best 3 Bitcoin casinos

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Before joining Kryptocasinos.com I've worked with some of the biggest brands in the iGaming industry. I currently lead the North American initiatives at KC, overseeing our reviews process for the US and Canada. In my leisure moments, you'll discover me immersed in the creation of avant-garde fractal art or engaging in culinary experiments as I invent new dishes.
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Last update: 2. October 2024

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