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Home DeFi Metaverse

Bitcoin’s Price Skyrockets Past $69,000, Bringing Investors Back to Profit and Lifting Market Sentiment

Alisa Davidson by Alisa Davidson
October 23, 2024
in Metaverse
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Bitcoin’s Price Skyrockets Past ,000, Bringing Investors Back to Profit and Lifting Market Sentiment
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by
Alisa Davidson

Published: October 23, 2024 at 10:55 am Updated: October 23, 2024 at 10:55 am

by Ana

Edited and fact-checked:
October 23, 2024 at 10:55 am

To improve your local-language experience, sometimes we employ an auto-translation plugin. Please note auto-translation may not be accurate, so read original article for precise information.

In Brief

Glassnode noted that BTC has broken through several critical levels, marking one of the first signs of positive price momentum since late June.

Glassnode: Bitcoin's Surge Above $69,000 Returns Investor Positions To Unrealized Profit, Expected To Boost Market Sentiment

Cryptocurrency market intelligence firm Glassnode published its latest analysis indicating that Bitcoin’s spot price briefly surpassed $69,000 this week, representing a 6.8% decrease from its all-time high (ATH). However, this price increase has crossed some of the major technical levels based on both technical indicators and on-chain metrics, marking one of the initial instances of positive price momentum since late June.

By examining the depth of drawdowns in relation to the ATH over time, it becomes evident that the current drawdown aligns more closely with the upward cycle of 2021 than with the bear markets of 2019 and 2022.

Additionally, the market’s resilience can be assessed finding similarities between the spot price with key technical pricing levels. This recent rally has allowed the market to overcome the combined resistance of the 200-day moving average and the 111-day moving average, which are closely monitored by BTC investors.

Notably, the 365-day simple moving average has historically functioned as either support or strong resistance at critical macro market inflection points. Recently, it provided support over the course of the yen-carry unwind on August 5th, and it has since established the lower boundary of the ongoing macro uptrend.

Additionally, Glassnode pointed out the importance of evaluating unrealized profits for the Short-Term Holder cohort, which serves as a useful indicator of recent buyers’ sentiment in the market. Presently, the spot price is above the average acquisition price for all sub-age groups within the Short-Term Holder cohort. This indicates that nearly all recent buyers are experiencing unrealized profits, emphasizing the sense of relief this rally has brought to investors.

Glassnode Observes Intensifying Cash-and-Carry Activity

Meanwhile, the Bitcoin derivatives market has witnessed substantial growth since the introduction of the first perpetual swap instruments in 2016. These derivatives markets have brought depth and liquidity to the asset class, facilitating more advanced trading and hedging strategies. This week, Open Interest throughout perpetual and fixed-term futures contracts reached a new ATH of $32.9 billion, indicating a notable rise in overall leverage within the system.

The Bitcoin market is experiencing ongoing positive momentum, as the spot price has surpassed some of the important technical and on-chain price levels. This upward movement has returned investor positions to an unrealized profit state, which is expected to positively influence market sentiment. Additionally, open interest in futures markets has seen growth, recording a new ATH. The CME Group’s dominance in this space highlights a growing involvement of institutional investors in digital assets, indicating that a cash-and-carry strategy may be in effect, Glassnode noted.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles

Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles

As we delve into the world of cryptocurrency and digital finance, the surge in Bitcoin’s spot price and the observations made by Glassnode underscore a momentous shift in market sentiment and investor confidence. The recent rally that has propelled Bitcoin past key technical levels signifies a new wave of positive momentum, reminiscent of the bullish trends seen in previous surges.

With the rapid growth in the derivatives market and the increasing interest from institutional investors, the landscape of digital assets is evolving at a staggering pace. The intensifying cash-and-carry activity, as highlighted by Glassnode, points towards a maturing market with diverse trading strategies at play.

As we navigate the complex world of decentralized finance (DeFi) and blockchain technology, it’s crucial to stay informed and educated about the latest developments and trends shaping the industry. For more insightful articles and updates on the world of finance and technology, be sure to check out DeFi Daily News. Stay ahead of the curve with up-to-date news and analysis from industry experts in the field of decentralized finance.



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Tags: BitcoinsBringingInvestorsLiftingMarketPriceProfitSentimentSkyrockets
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