Massive victory for Bitcoin bulls if this critical level holds

Despite the current slowdown, Bitcoin (BTC) has recently crossed the $35,000 level for the second time in a week and remains in the upper $34,700’s, with nearly 80% of its holders presently in profit and the cryptocurrency sector waiting with bated breath to see what happens next.

As it happens, over 78% of Bitcoin holders are making money at the flagship decentralized finance (DeFi) asset’s current price, as opposed to 17% in loss, according to the information shared by the blockchain and cryptocurrency analytics platform IntoTheBlock in an X post published on November 6.

Bitcoin holders in profit at current price. Source: IntoTheBlock

Furthermore, 1.94 million addresses have previously bought 778,859 BTC at a minimum price of $34,111.17 and a maximum price of $35,122.37, which makes the average of $34,650 a critical support level that the maiden crypto needs to hold for bulls to have “a massive victory,” as the analysts observed.

Bitcoin holders in/out of the money around price. Source: IntoTheBlock

Bitcoin price analysis

As things stand, Bitcoin was at press time trading at the price of $34,765, which suggests a marginal decline of 0.67% in the last 24 hours but still a 1.31% gain across the previous seven days, in addition to the advance of 24.90% over the past month, according to the latest charts on November 7.

Bitcoin 30-day price chart. Source: Finbold
Cryptocurrency

Michael Saylor: 3 catalysts that will take Bitcoin to $5 million

Cryptocurrency

It now costs ‘a Big Mac’ to use the Bitcoin Network

Cryptocurrency

3 things to look out for Bitcoin in November

Cryptocurrency

XRP surges to 3-month high as whale wallets accumulate

Banking

Germany’s third-largest bank launches crypto custody platform

Meanwhile, Bitcoin has also experienced a massive uptick in network activity, with more than 700,000 new addresses joining in a single day on November 4, indicative of renewed investor optimism surrounding the possibility of a first Bitcoin spot exchange-traded fund (ETF), as Finbold reported on November 6.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Comments

Post a Comment

Popular posts from this blog

Paxos confirms it's responsible for $500K mistaken Bitcoin transaction

The account that paid $500,000 to move $2,000 worth of Bitcoin was a Paxos server, the company stated. The account that overpaid $500,000 in fees on Sept. 10 for a Bitcoin (BTC) transfer belonged to Paxos, according to a Sept. 13 statement from the company. Paxos claimed that end users have not been affected and all user funds are safe. Paxos is most well-known as the issuer of stablecoins, including PayPal USD (PYUSD) and Pax Dollar (USDP), but also runs a crypto brokerage firm that carries Bitcoin. The statement comes after Twitter users were speculating that PayPal may have been responsible for the transaction, due to a related wallet account that had been identified by analytics platform OXT as belonging to PayPal. A Paxos representative told Cointelegraph that PayPal was not responsible, as the error was theirs, stating: “Paxos overpaid the BTC network fee on Sept. 10, 2023. This only impacted Paxos corporate operations. Paxos clients and end users have not been affected and all
Read more

Footwear conglomerate Puma launches 3D Web3 experience

The experience is designed for everyone, but Puma Pass holders gain access to exclusive perks. On June 13, German footwear conglomerate Puma launched its 3D metaverse experience , Black Station. As told by developers, Black Station is an “experiential home” for product drops built to provide “unbridled access” for Puma Pass nonfungible token (NFT) holders. The firm says that the experience is for everyone to explore, but only those possessing RB tokens airdropped to Puma Pass holders can purchase a digital "Rulebreaker” sneaker and claim two digital wearables. At the time of publication, RB tokens currently have a price tag of 0.0125 Ether (ETH). Developers wrote: “If you do not own an RB token there is still so much to explore. Unkai, our city in the clouds, and Unter, our exhilarating club below, both are filled with mysteries to explore and collect." Holders of the RB token can burn it from June 13-20 on Black Station, granting their parent wallet access to various pro
Read more

‘Bitcoin Jesus’ says Ethereum is the front-runner for global crypto adoption

Image
Roger Ver said that Ethereum, not Bitcoin, will lead the most new users to crypto. Early Bitcoin (BTC) investor and Bitcoin Cash (BCH) advocate Roger Ver claimed that Ethereum, not Bitcoin, will be responsible for driving the bulk of new users towards crypto .  On a May 31 episode of the Show Me The Crypto podcast, Ver — labeled “Bitcoin Jesus” for his early Bitcoin advocacy — said that despite Ethereum’s scaling issues and the other layer-one “clones” that have popped up in its wake, the Ethereum ecosystem is still where the action is: “Even though Ethereum doesn’t have the biggest market cap compared to Bitcoin, I think Ethereum is the front-runner in terms of driving worldwide adoption.” Ver praised the rise of Ethereum Virtual Machine-compatible (EVM) blockchains and layer-2 scaling solutions such as Polygon (MATIC) that can help share some of the load away from the main chain. Ver provides an account of the “civil war” that occurred in the early days of Bitcoin between Etheruem’
Read more