Bitcoin Price Analysis: Short-Term Investors Set to Drive BTC Toward $75,000
Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
Bitcoin’s bullish run continues, recently hitting a two-month high of $68,900. On October 20, 2024, Bitcoin (BTC) traded at $68,388, marking a 9% gain over the past week.
This surge has fueled optimism that Bitcoin could soon reach new all-time highs, driven by favorable factors such as the outcome of the U.S. election and growing inflows into spot Bitcoin ETFs.
Despite the bullish momentum, short-term Bitcoin holders—those who typically hold BTC for one to three months—could influence the path to $75,000.
Data from CryptoQuant reveals that these holders began selling as Bitcoin approached $69,000, engaging in profit-taking behavior.
This activity could create resistance around this price level, potentially hindering Bitcoin’s climb.
Notably, around 1.9 million Bitcoin addresses bought BTC between $66,900 and $69,200. As these investors are now at break-even, there’s a likelihood that many could sell once Bitcoin turns a profit, adding further resistance around the $69,000 mark.
Despite potential selling pressure, market sentiment remains optimistic. Technical indicators, including a Relative Strength Index (RSI) of 68, suggest continued momentum.
On-Balance Volume (OBV) data also indicates strong buying activity, hinting at potential further gains.
Key Insights:
If Bitcoin breaks past $69,000, it could surge to $75,250. However, continued selling from short-term holders may result in a retracement toward $65,130.
The current Bitcoin (BTC) price is $68,440, up 0.11% over the past 24 hours. Trading volume for the period reached
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