Analysts Ali recently reported a significant surge in Bitcoin’s network growth. A staggering number of over 700,000 new BTC addresses were created in a single day, marking a crucial milestone for the cryptocurrency. This surge in network activity is often considered a reliable indicator of future price movements, making it a noteworthy development for Bitcoin enthusiasts and investors.
Despite this positive growth in network addresses, the price of Bitcoin faced some pressure as it struggled to maintain its position above $35,000 in the weekend markets. It came after a week where Bitcoin briefly touched the $36,000 mark, drawing the attention of traders who were hoping for a continuation of the upward trend.
In his latest video update, Credible Crypto, a renowned trader in the cryptocurrency space, expressed optimism regarding Bitcoin’s potential to surpass the $35,000 threshold. He pointed out that this level appeared to be the logical next target for the cryptocurrency.
Credible Crypto also shared his insights on Bitcoin’s price levels to watch, outlining three key points: $34,314, $34,714, and $35,119. These levels represent the range low, midrange point, and high, respectively. He emphasized the significance of the recent upward movement in price, stating, “The key thing here is that we’ve impulsed above the midrange, and now we want to see if we can hold that as a reclaim.”
Bitcoin Latest Price Analysis
The latest data on BTC’s price reveals that it is currently trading at $34,804.46, with a 24-hour trading volume of $12 billion. Over the past 24 hours, the cryptocurrency has experienced a 1.19% decrease in its price. However, in the seven-day chart, it has seen a modest increase of 1.61%.
According to price predictions from CoinCodex, BTC is expected to make a substantial gain. The prediction suggests that Bitcoin’s price is likely to rise by 21.96% and reach $42,545 by November 9, indicating a potentially bullish trend on the horizon.
When considering technical indicators, the current sentiment in the market is categorized as Neutral. Additionally, the Fear & Greed Index, a gauge of market sentiment, currently shows a reading of 70, which falls into the “Greed” category. It indicates that market participants are leaning towards a more optimistic outlook.
Looking at BTC’s recent performance, it has recorded 17 out of the last 30 days as “green” days, which accounts for 57% of the time. The price has displayed a 10.48% level of volatility over the past 30 days, indicating fluctuations in the market.
However, the coming days will reveal whether Bitcoin can maintain its position above $35,000 and potentially pave the way for further gains in the near future.
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