Bitcoin Price Levels to Watch According to IntoTheBlock
The recent surge in Bitcoin price, driven by the potential approval of a spot exchange-traded fund (ETF), has caught the attention of investors. While the momentum has slowed down in recent days, there are indications that Bitcoin may still have room for growth.
Crypto analytics platform IntoTheBlock has provided insights into the current and future trajectory of Bitcoin, highlighting key levels that investors should monitor.
According to IntoTheBlock, the $35,000 mark is a significant resistance level for Bitcoin. On October 25, Bitcoin touched this level but failed to close above it. The platform also revealed that over 664,000 addresses purchased around 340,000 BTC at this level. If Bitcoin manages to surpass and sustain its position above $35,000, it could potentially reach around $39,000, where the next major resistance lies.
On the other hand, if the current momentum cools off and there is a downward movement, Bitcoin’s price could drop to around $30,000. IntoTheBlock noted concentrated buying activity just above this psychological price level, with nearly 1.5 million addresses purchasing approximately 553,000 BTC.
BTC’s Institutional Interest on the Rise
Institutional interest in Bitcoin is considered a significant factor contributing to its recent price surge. IntoTheBlock highlighted the increasing institutional demand for BTC in a separate report. According to their data, the number of BTC transactions over $100,000 reached a new high of over 23,400 on October 24.
IntoTheBlock attributed this rise in institutional interest to the recent spot exchange-traded fund. The last time such a spike was observed was in June 2023 when BlackRock filed for a BTC spot ETF.
Hot Take: Bitcoin Price Potential and Institutional Interest
Despite the recent slowdown in Bitcoin’s momentum, there are still significant levels to watch out for. If Bitcoin manages to break through the $35,000 resistance level and sustain its position above it, further price appreciation towards $39,000 is possible. Conversely, if the momentum cools off and there is a downward movement, Bitcoin could drop to around $30,000.
Institutional interest continues to rise, with increasing numbers of high-value BTC transactions. The recent spot ETF has further fueled this institutional demand. This growing interest from institutional investors highlights the growing acceptance and recognition of Bitcoin as a valuable asset.
Overall, while the recent hype may have subsided temporarily, Bitcoin’s potential for growth and its appeal to institutional investors remain strong.
By
By
By