In a recent crypto market analysis, prominent on-chain analytics, IntoTheBlock, has unveiled key insights into Bitcoin’s potential price path. Analysts from IntoTheBlock have identified crucial price levels to monitor, emphasizing pivotal milestones capable of molding the future path of BTC. Their analysis is rooted in the on-chain buying behaviors, unraveling the secrets hidden within the blockchain’s depths.
The analyst pointed to the recent $35,000 peak as a formidable resistance level for Bitcoin, drawing the attention of 664,000 holders who acquired 340,000 BTC at this price point. Should this barrier be breached, the analytics firm anticipates heightened trading activity around the $38,000 to $39,000 range, where 333,000 BTC changed hands, hinting at a potential target of $39,000 once these initial hurdles are overcome.
During the market downturn, a surge of buying activity emerged, focusing just above the $30,000 mark, resulting in a substantial 553,000 BTC changing hands. However, the cryptocurrency sphere witnessed a marked cooldown between Thursday and Friday. This came after a vigorous ascent earlier in the week, driven by the growing anticipation surrounding the imminent launch of a spot Bitcoin ETF.
Spot ETFs Drive Institutional Interest In Bitcoin
Bitcoin dominated the market capitalization race, clinching profits for a remarkable seven-day stretch. It reached its zenith at $35,157 on Oct. 24, a peak not seen in almost 18 months. This victorious spree stands as the lengthiest since March. Simultaneously, Bitcoin transaction fees shot up by 44.8%, mirroring the surge in transaction volume amid the bullish price momentum.
The analyst also highlights a palpable surge in institutional interest in Bitcoin, with transactions surpassing the $100K mark and hitting fresh 2023 highs. Notably, recent spot ETF applications are considered instrumental drivers, particularly after BlackRock’s ETF filing in June. This uptick in institutional involvement signals a potential turning point for BTC’s broader adoption and mainstream recognition.
Bitcoin is trading at $34,083, reflecting a marginal 0.24% decline in the last 24 hours. However, it has remarkably surged by 15.25% over the past week, demonstrating resilience and growth potential. Analysts anticipate a brief price contraction but maintain a positive outlook for the cryptocurrency’s long-term upward trajectory.