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Macro Bitcoin Accumulation Continues as Price Reclaims $45K

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Bitcoin hodlers are remaining steadfast despite an overall sluggish start to the week in terms of market action.

Research by on-chain analytics provider, Glassnode has confirmed that those holding bitcoins that are more than a year old are extremely reluctant to sell them.

The hardcore hodlers are the ones that buy up BTC when there are volatile downswings in price, often setting their bids when the asset is tanking hard. This action can be seen on-chain and has been detailed in the firm’s weekly analysis.

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Glassnode classifies long-term holders as those with coins older than 155 days and short-term holders as those younger. It revealed that at the recent high of $52.8K, almost 17% of the coin supply was owned by short-term holders and in profit.

“What this reflects is the very large accumulation that occurred between the recent low of $29k, and up to the lower bound of the Q2 topping range.”

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Bitcoin long/short term holder supply – Glassnode

Longer Termers Hold Most BTC Ever

In terms of the percentage of the supply held by long-term holders, the report noted it reached 79.5% of all BTC coins this week. This is the same as levels in October, just before the 2021 bull market started. This is not to say that another massive bull run is imminent, just that accumulation is still occurring, and longer-term Bitcoiners are reluctant to sell.

It added that long-termers currently own the most coins in history, almost reaching 13 million BTC this week.

“Peaks in LTH [long term holder] owned supply typically correlate with late stage bear markets which are historically followed by a supply squeeze and initiation of cyclical bull runs.”

Crypto YouTuber Lark Davis also referred to the accumulation rate, which is currently 421 BTC per month.

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Bitcoin Price Outlook

Ignoring the fake news-induced spike hours ago, Bitcoin has remained relatively flat over the past 24 hours. Walmart did not partner with Litecoin, and the $2,000 BTC candle was short-lived, lasting about an hour before a similar red one followed it.

At the time of writing, Bitcoin trades at $45,400 according to Tradingview, gaining almost a percentage point over the past 24 hours.

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It has been trending downwards over the past week, however, having lost just over 14% since the same time last Tuesday.

A golden cross has just occurred on the daily time frame with the 50-day moving average crossing above the 200-day, which is a bullish sign in the longer term. However, BTC is currently trading below both indicators, so this could be short-lived.

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BTC Price Analysis: Bearish Divergence Signal On the Weekly May Cool off Intraday Longs

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The long-awaited Bitcoin BTC ETF-Exchange Traded Fund is now approved by the US SEC, and it’s viewed as a positive development for the entire cryptocurrency market. Analysts suggest that the crypto market could see capital flowing in, with speculations around investors moving out of Gold ETFs into Bitcoin.

Let’s analyze the BTCUSDT charts for insights into the recent price action.

Bitcoin (BTC) Weekly Chart Analysis

The Bitcoin price is back on the headlines of many digital media outlets as many analysts speculate on a price surge beyond the 2021 ATH. However, while the price is pumping real hard at press time, we also want to bring your attention to bearish reversal chart patterns that could lead to temporary retraction of the recent upswing.

A prominent bearish correction signal is an impending regular bearish divergence signal on the weekly chart above, where the RSI forms a lower peak [82] compared to the price chart setting a higher peak.

We anticipate a cool off of the BTC price if the RSI value stays below level-87 in the coming week.

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Bitcoin (BTC) Daily Chart Analysis

A view from the daily time frame shows the start of a bullish campaign on 01 October ’21 after the RSI crossed above level-75 and has not dropped below level-25 ever since. 

The Bitcoin BTC price continues to set new highs and is recently shy of the all-time high at $64854.00, as the relative strength index forms a lower peak [79] signaling a likely price pull-back to come.

We expect the upward price momentum to persist till the end of the current week, given that the RSI continues to trade above level-25.

While we are optimistic of a spike in demand for the BTC, we also suggest putting some funds on the sideline for a possible price dip which can be viewed with the RSI slumping below level-25 on the daily time frame.

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Bitcoin (BTC) 4 Hr Chart Analysis

The 12 October 20:00 support [$53879] confirmed the price correction on the daily time frame setting the BTC price back into a series of higher peaks and troughs.

A recent hidden bullish divergence at press time marks an end to the 3.8% correction from this week’s high.

However, a price breakdown below the hidden bullish divergence trend line would spark a rapid sell-off of the BTC price into lower price zones, perhaps around the $58k mark.

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Bitcoin Price Analysis: BTC still holds above $60,000, slowly targets $65,000 next week?

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  • Bitcoin price analysis is bullish today.
  • BTC/USD consolidates above $60,000.
  • Next significant resistance at $65,000.

Bitcoin price analysis is bullish today as consolidation was formed above $60,000 after a slight retracement yesterday from $62,000. Therefore, we expect BTC/USD to rally again over the next 24 hours and target the $65,000 next week.

Bitcoin Price Analysis: BTC still holds above $60,000, slowly targets $65,000 next week? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, lost 0.03 percent, while Ethereum was down 1.54 percent. Meanwhile, Fantom (FTM) is the best performer, with a gain of over 12 percent.

Bitcoin price movement in the last 24 hours: Bitcoin retests $60,000 as support

BTC/USD traded in a range of $60,206.12 – $61,413.82, indicating low volatility over the last 24 hours. Trading volume has declined by 34 percent and totals $28.97 billion,  while the total market cap trades around $1.145 billion, resulting in the market dominance of 46.29 percent.

BTC/USD 4-hour chart: BTC prepares for another rally?

On the 4-hour chart, we can see Bitcoin price action forming consolidation above $60,000, likely leading to another push higher next week.

Bitcoin Price Analysis: BTC still holds above $60,000, targets $65,000 next week?
BTC/USD 4-hour chart. Source: TradingView

Bitcoin price action has seen strong bullish momentum so far in October. After forming a strong swing low of around $41,000 at the end of September, a push higher was seen on the 1st of October.

BTC/USD reached previous resistance at $48,500 on 2nd of October, while second push higher took BTC to $56,000 on 7th of October. After another several-day consolidation, the third push higher began Wednesday, leading BTC above the $60,000 major price target.

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Eventually, the Bitcoin price action briefly spiked above $62,000 on Friday, resulting in a slow retracement since. Over the last 24 hours, a consolidation above $60,000 has been established, indicating that we will likely see another move higher from there.

Bitcoin Price Analysis: Conclusion 

Bitcoin price analysis is bullish today as a new local higher low was set over the last 24 hours after a slight retracement yesterday. As long as the $60,000 support holds, we expect BTC/USD to continue moving higher next week.

While waiting for Bitcoin to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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Bitcoin Bull Tone Vays Says Pullback Coming – Here’s His New Crypto Outlook

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Veteran crypto trader Tone Vays says despite Bitcoin rising very quickly with its daily and weekly charts, a pullback is imminent.

In a recent live stream during the rumored approval announcement of a Bitcoin (BTC) exchange-traded fund (ETF), Vays expects BTC to reach a high of around $62,000 by the 19th of October.ADVERTISEMENT

“We are right on track for what I anticipated in the daily outlook where we top out at approximately $62,000 a the end of this week or early next week. October 19th is where I was looking for that top. So we got about three or four days to go. Especially if we keep going up and up and up.”

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In terms of taking profit before any potential pullback – Vays says it depends on whether Bitcoin hits certain targets, noting how it has gone up almost 50% in a matter of weeks.

“It probably is a decent time to take your profit for a pullback because it would have gone up way too far way too quickly. Three weeks ago the price was half of what it is today… we are rising fairly quickly and there will be a pullback… but right now the weekly chart is fully bullish and you still have room.”

Vays says with such a fast rise, there is a higher probability for a fall – predicting a pullback to around $53,000 or $54,000, remaining hopeful with his end-of-year target.

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“Bitcoin is looking great I’m still thinking mid-60s for a double top with April, a pullback to maybe mid-50s, and then I still got a shot at being right about that $100,000 at the end of the year. I’m still optimistic.”

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