“Bitcoin’s relentless surge continues as it sets its sights on the $39,000 mark, leaving traders and investors eagerly anticipating the catalysts that could propel it to new heights.”
In a recent analysis, on-chain analytics firm IntoTheBlock suggests the next price action for Bitcoin (BTC). They identify key price levels to watch based on buying activity recorded on-chain.
According to IntoTheBlock, the recent high of $35,000 is the next resistance level for Bitcoin. This level is where 664,000 BTC holders purchased 340,000 BTC. If this level is surpassed, the next point of interest is around $38,000-$39,000, where 333,000 BTC was acquired. This implies that Bitcoin might target the $39,000 mark if these immediate hurdles are overcome.
In terms of a market drop, buying activity appears to be centered just over $30,000, where 553,000 BTC changed hands.
After a strong spike earlier in the week fueled by anticipation of a spot Bitcoin ETF, the crypto market cooled considerably on Thursday and into Friday. Bitcoin rose for seven consecutive days, reaching a high of $35,157, the highest level in around 18 months. However, as investors took profits, Bitcoin fell to $33,907.
Despite the potential for a short-term price drop, analysts predict that Bitcoin may continue to rise in the long run. Transactions exceeding $100,000 are increasing, reaching new highs for 2023. Recent spot ETF applications, following BlackRock’s filing in June, appear to be a driving force behind this growth.
For more information, you can read the original article on U.Today.