Bitcoin (BTC) experienced a notable rally last week, surging over 8 percent to close above $63k. This upward movement follows the ongoing economic shift influenced by the U.S. Federal Reserve’s rate cut. Successfully rebounding from the 50-week Moving Average (MA), Bitcoin now faces a critical resistance level above $64k.
The significant rebound in Bitcoin’s price over the past two weeks has considerably alleviated fears of further crypto market capitulation. On Monday, during the early Asian session, Bitcoin’s fear and greed index hovered above 50 percent, bolstering positive sentiment for a bullish price outlook.
Bitcoin Whales Increases Appetite
Despite global geopolitical uncertainties, particularly between NATO and the BRICS movement, the demand for Bitcoin has risen alongside Gold. Gold prices recently entered a price discovery phase, opening this week at an all-time high (ATH) of around $2,630.
With Bitcoin expected to follow Gold’s bullish trajectory, on-chain data analysis indicates that whale investors have significantly increased their holdings. The Bitcoin supply on centralized exchanges (CEXs) has dropped to multi-year lows of approximately 2.3 million, down from 2.7 million units in March. This trend supports optimistic Bitcoin price predictions for the coming months.
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In the past 30 days, more than 91.1K Bitcoins were withdrawn from CEXs, predominantly led by Binance and Coinbase Pro. Additionally, in the past two weeks, U.S. spot Bitcoin ETF issuers have accumulated nearly $800 million in coins.
BTC Price New ATH in Q4 2024
After a lackluster performance in the third quarter, Bitcoin’s price is anticipated to exhibit impressive growth in the fourth quarter, potentially closing the year around $100k. While the possibility of retesting the $55k support level remains, numerous indicators suggest that the bulls are gaining control.
The weekly Relative Strength Index (RSI) has already rebounded above the 50 percent mark and broken out of a descending logarithmic trend. A consistent close above the 200-day Moving Average is expected to propel Bitcoin’s price towards the next major milestone of approximately $69k.
