Bitcoin has been on a roll since early September, climbing over 30% from its low point. However, after hitting a high of around $69,500, it’s facing some selling pressure. Despite this, Bitcoin is holding strong above a crucial level of $66,000, which will determine its next move.
Bitcoin Buyers Are Gaining Strength
New data from CryptoQuant shows that Bitcoin buyers are starting to gain the upper hand in the futures market. This is a big deal because it means that the bears, who have been trying to push the price down, are losing control.
This shift in momentum suggests that Bitcoin might be entering an accumulation phase. This means that big investors are buying up Bitcoin, but they’re not letting the price go up too much. This could be a sign that a new bullish phase is coming soon.
Bitcoin Is Testing a Key Support Level
Bitcoin is currently trading at around $66,400. This level is important because it acted as resistance in September, but it’s now become a key support level. If Bitcoin can hold above $66,000, it will show that the bulls are still in control and that a new push towards $70,000 is possible.
However, if Bitcoin falls below $66,000, it could retrace back to lower support levels. The next key support level is around $63,300.
The Next Few Weeks Are Critical
The coming weeks are going to be crucial for Bitcoin. The U.S. presidential election is happening on November 5th, and elections usually cause volatility in financial markets. It’s unclear how Bitcoin will react to the election, but traders are watching closely.
If Bitcoin can maintain its upward momentum, it could rally to new highs in the weeks after the election. But if it loses momentum, we could see a deeper pullback.
