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Active Currencies 15408
Market Cap $3,241,449,094,809.60
Bitcoin Share 56.66%
24h Market Cap Change $-0.82

Bitcoin to hit new ATH? Look out for these new metrics!

2min Read

Bitcoin may have depreciated, but it’s not out of the game yet.

Bitcoin to hit new ATH? Look out for these new metrics!

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  • Volume of large transactions by whales and investors surged by 7.85%, indicating a bullish outlook
  • At press time, 55% of top BTC traders were holding long positions, while 45% held short positions

Bitcoin (BTC), the world’s largest cryptocurrency by market cap, is poised for an upside rally after recording an 8% price decline in recent days.

Following a breakout from the descending channel pattern on 28 October, BTC soared by more than 8%. However, the most-recent decline appears to be a price correction – A positive sign for the upcoming rally.

Bitcoin price analysis and key levels

According to AMBCrypto’s technical analysis, the cryptocurrency seemed to be facing resistance from a declining trendline on the four-hour timeframe. If Bitcoin does register an upside rally, there is a high chance that the asset could breach this aforementioned hurdle.

Bitcoin price analysis

Source: TradingView

If BTC breaches this trendline and closes a four-hour candle above $70,000, there is a strong possibility the asset could soar significantly. Potentially to hit a new all-time high in the coming days.  

However, this bullish thesis will only work if Bitcoin maintains support above the $67,500-level. Otherwise, it may fail.

At the time of writing, BTC seemed to be trading above its 200 Exponential Moving Average (EMA) on both the four-hour and daily timeframes, indicating an uptrend.

BTC’s bullish on-chain metrics

Looking at this bullish outlook, it appeared that whales and investors have increased their participation. According to the on-chain analytics firm IntoTheBlock, BTC’s large transaction volume surged by 7.85%  over the past 24 hours. This could help drive the asset’s price higher.

Additionally, BTC’s Long/Short ratio had a value of 1.20, underlining strong bullish sentiment among traders. Meanwhile, its Open Interest rose by 2.9% over the last 24 hours, indicating growing interest and the formation of new positions from traders. 

BTC’s Long/Short ratio

Source: Coinglass

Based on an analysis of Coinglass data, 55% of top traders held long positions, while 45% held short positions. 

Price performance

At press time, Bitcoin was valued at $69,100, after appreciating by nearly 1.1% over the last 24 hours. During the same period, its trading volume skyrocketed by 45%, indicating heightened participation from traders and investors. 

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Chanakya G is an analyst with 4 years of experience looking at the crypto-markets. His primary field of interest is the Altcoin market and its correlation with Bitcoin, and how that dynamic affects the larger sector.
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