Bitcoin bulls strongly hold above $34,000 despite macro, expiry, and month’s end pressures. Traders are predicting whether the rally will continue or wane, as they seek to gauge the market direction amid a bullish rally. BTC price is mostly moving in the $34,100-$34,900 range this week after a 30% rally this month.
Bitcoin Price May Witness Retracement: CryptoQuant
CryptoQuant research head Julio Monero in a post on X pointed out two significant on-chain developments after the recent Bitcoin price rally, which indicates consistent with a pause in the Bitcoin price rally.
He shared that short-term holders are selling Bitcoin at 6% profit, the highest profit margin since April. It shows profit booking by short-term holders as BTC price hit a monthly high of $35,150 this week.
In addition, whales are spending at the highest daily level since June. The larger whales are moving their BTC holdings. Whale Alert reported significant transfers of BTC to crypto exchanges Coinbase and Binance this week as BTC price soared over $35,000 suddenly.
Bitcoin On-Chain Data. Source: CryptoQuant
Read More: Supply Pressure at $35k Threatens for 15% Drop in Bitcoin
BTC Price Goes Into Retracement
Trader Skew noted that Bitcoin open interest (OI) is very flat, with “mostly no chasing or sizably yet.” Bybit OI has increased around 8K BTC. Whereas, Crypto Tony believes BTC price to tap resistance near $36,000 and then reject.
$BTC / $USD – Update
Bitcoin is ranging right now, but i expect us to tap that high at $36,000 and then reject. It is the case of whether we are in re accumulation or distribution pic.twitter.com/B436YjzkUl
— Crypto Tony (@CryptoTony__) October 28, 2023
BTC price jumped 15% this week, with the price currently trading at $34,100. The 24-hour low and high are $33,416 and $34,238, respectively. Furthermore, trading volume decreased 18% in the last 24 hours.
US Fed’s preferred gauge to measure inflation core PCE cools down to 3.7%, but core PCE increased month-over-month due to high energy prices.
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