Bitcoin Holds Above $75,000 After New All-Time High of $76,872
Bitcoin remains above the $75,000 mark after reaching a new all-time high (ATH) of $76,872. Currently trading at $76,587, it shows a 0.9% decline from its peak but maintains a 1.7% daily increase, indicating market stability and speculation about its future price movements.
Bitcoin Miners Hold Back On Selling
Despite Bitcoin's high valuation, miners are not selling their BTC holdings. Analyst theKriptolik from CryptoQuant notes that miners usually sell when prices approach ATHs to cover operational costs; however, this behavior has changed recently, suggesting belief in further price increases.
A significant inflow of BTC to exchanges on October 29 led to sales without corresponding outflows, reflecting miners' confidence in Bitcoin's upward momentum. Historically, miner behavior indicates market sentiment, often aligning with market peaks.
Optimism Among Analysts And Technical Signals
Market analysts share bullish forecasts for Bitcoin. Javon Marks highlights that maintaining above $67,559 sets the stage for potential gains over 51%, possibly reaching $116,652 faster than expected due to strong underlying market dynamics.
CryptoQuant analyst Mignolet suggests conditions are aligning for Bitcoin to enter the second phase of its bull rally, driven by changes in behavior among long-term holders (LTHs) and short-term holders (STHs). The distribution of LTH supply and new liquidity influx is vital for sustaining the rally's momentum.
Conditions for entering Phase 2 are being completed
“A key condition for moving into Phase 2 is an increase in STH supply, specifically through a surge in new capital. Currently, the market is experiencing abundant new liquidity.” – By @mignoletkr
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— CryptoQuant.com (@cryptoquant_com) November 8, 2024
Featured image created with DALL-E, Chart from TradingView