As Bitcoin has crossed the psychological barrier of $30,000, enthusiasts and analysts are closely monitoring every price movement. The general feeling so far is that it is not a question of ‘if’ but ‘when’ BTC will cross this important mark.Thank you for reading this post, don't forget to subscribe!
The founder of Glassnode, aptly named “Negentropic,” recently shed some light on Bitcoin’s current price action via a post on X (formerly known as Twitter). The analyst observed that the top cryptocurrency remains comfortably above the 100-hour SMA, with its price consistently hovering above the $28,000 range.
Bitcoin’s potential upward trajectory
Digging deeper into the specifics, Negentropic indicated immediate resistance for Bitcoin at $28,550. The analyst believes that this is the range that could act as a catalyst for further price movements.
According to Negentropic, if Bitcoin breaks this resistance and surpasses the $29,500 mark, it is almost certain that the top crypto will set its sights on the coveted $30,000 level. The analyst concluded that given the momentum, it is not unrealistic to expect a peak around $30,650.
Are the bulls taking control as they rally around the $28k area?
• Current price >$28k and above 100 hourly SMA
• Immediate resistance at $28.55k ⛔
• Crossing $29.5k could lead to $30k target 🎯
• Likely to reach above $30.65k with continued momentum… pic.twitter.com/Al8q2xGg5V
– 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) 19 October 2023
However, price is not the only metric painting a bullish picture for Bitcoin. In another post on
#bitcoinThe number of wallets is at least 100 $BTC It rose to 15,970 on Saturday, the biggest one-day jump of 2023. Since this accumulation, $BTCThe cost is +5.3%, and they cannot be done. We will continue to monitor. pic.twitter.com/0mDAmys7N4
– Santiment (@santimentfeed) 18 October 2023
Their data often signals growing confidence among large investors, suggesting that key players in the ecosystem are expecting continued upside for BTC.
btc latest price action
Recently the price of Bitcoin has shown an upward trend. Over the past week, the asset has increased by 7.5%. This surge has led BTC to trade above the $28,500 range, currently priced at $28,698, representing an increase of 1.2% in the last 24 hours.
From the analysis provided by Negentropic, it looks like BTC has decisively broken its resistance at $28,550. Based on the insights of the Glassnode founder, this break could signal an imminent upward rally.
Another expert, Ali Martinez, recently pointed out the importance of the $25,000 and $30,000 price ranges in the trajectory of BTC. According to Martinez, these are “significant demand buckets in BTC history,” marking the entry points of institutional giants like MicroStrategy and Tesla into the Bitcoin space.
– Ali (@ali_charts) 18 October 2023
Featured image from Unsplash, chart from TradingView