Bitcoin’s BTC/USD rally to $66,000, marking its best-performing day since March 20, has sparked a range of reactions from prominent crypto traders.
What Happened: Trader Kevin suggests that Bitcoin may experience a minor pullback but remains optimistic about its upward trajectory. "BTC looks like it wants to wipe out some late longs which is totally fine. Inevitably, the daily says we're going higher," indicating that short-term corrections are normal and won't deter the long-term bullish trend.
In line with this cautious optimism, Ali Martinez points to a technical indicator signaling a brief correction. He adds, "The TD Sequential presents a sell signal on the Bitcoin 4-hour chart, anticipating a one to four candlesticks correction for BTC." This implies a short-term dip before potentially resuming its upward path.
On the more bullish end of the spectrum, Jelle highlights a significant technical confirmation, noting that “Yesterday’s daily close confirmed the Power of Three setups for Bitcoin.” He targets $82,000.
Why It Matters: Lookonchain data shows a whale purchased another 102 BTC, worth $62.7 million. Since March 6 the whale collected 3,385 BTC worth $232.15 million at an average buying cost of $68,579. Based on current prices, the whale is still facing a loss of $8.08 million.
IntoTheBlock data notes 95% of Bitcoin holders making a profit at current levels, compared to 91% of holders the prior day. Transactions greater than $100,000 surged to 10,162 transactions as of May 15 from 7,508 transactions as of May 14.
Meanwhile, Bitcoin's daily active addresses rose by 5.6% and large transaction volume increased by 24.3%.
Price Action: In the past 24 hours, Bitcoin’s price increased 0.6% to trade at $65,203.90 at the time of writing.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Bitcoin, Ethereum, Dogecoin Spike On Good Macro News: ‘So Far, So Good,’ Says Bullish Trader
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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