• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Bitcoin’s $66K Milestone Indicates Bullish Potential Despite Setbacks
Bitcoin

Bitcoin’s $66K Milestone Indicates Bullish Potential Despite Setbacks

October 4, 2024 by Mishal Ali

  • Bitcoin has set a new technical higher high at $66k, signaling a potential shift in market trend.
  • Long-term holders are resilient despite 47.4% of their supply being in unrealized loss.
  • Institutional demand through Bitcoin ETFs continues to grow, influencing market dynamics.

For the first time since setting its all-time high, Bitcoin has created a new technical high, bouncing into the range of $66,000. This is important because it marks a technical shift in the price structure for the first time, which indicates a probable shift away from the extended downtrend that has dominated the market.

For the first time since the ATH, #Bitcoin has established a new technical higher high, as price bounced into the $66k region.

Alongside this, there is a multitude of critical on-chain metrics that have also set higher highs, making this an interesting moment in time.

Discover… pic.twitter.com/AeOruDoPqo

— glassnode (@glassnode) October 2, 2024

A recent report by Glassnode illustrates this by comparing the current market cycle with the other ones. Recovery of the price in BTC follows the pattern shown by the asset after the 2015-16 and 2019-20 cycles. In this respect, BTC keeps a similar structural path that is an interesting framework for understanding how long and ongoing it will be, even though circumstances are different.

image 12 7
Source: Glassnode

However, after reaching $66k, Bitcoin got pulled back to $60k and is currently trading at $61.7k. Despite the pullback, the high at $66k does give some hope that the bearish trend is weakening.

Bitcoin Long-Term Holders Resilient Despite Losses

One essential on-chain metric is that long-term holders continue buying BTC, and the supply ratio between long- and short-term holders has been at its highest since mid-2021. This would suggest many investors are still HODLing through the volatility. Conversely, there’s a growing amount of LTHs holding Bitcoin at an unrealized loss-in large part due to purchases made near the $73k ATH.

image 13
Source: Glassnode

Despite the fact that almost half of the LTHs are holding Bitcoin at a loss, the scale of these losses remains small, hence putting minor financial pressure on this cohort. Historically, LTHs tend to hold through market volatility, and this trend appears to continue.

In contrast, the STH is showing a profit. The STH MVRV indicates that more than 62% of the STH supply is in profit. It means better conditions for the market participants who entered the game recently and reduces financial stress for this cohort.

image 12 10
Source: Glassnode

Institutional Interest Grows

It has also been a case of institutional demand that has driven price action in recent market moves. US spot ETFs currently hold around $58 billion in assets, which accounts for around 4.6% of the underlying circulating supply of Bitcoin. With the key players being BlackRock, Fidelity, and Grayscale leading from the front, the cost basis for these ETF holdings may be viewed in a bracket between $54.9k-$59.1k.

image 12 11
Source: Glassnode

The price of Bitcoin has tested these levels on several occasions, and further illustrates the effect of institutional participants on the market. As ETFs become more integral to the core structure of Bitcoin, they will comprise 4% to 5% of net capital inflow and add more stability to the market.

Related Reading | Shiba Inu Burn Campaign Destroys 2.37B SHIB, 249% Surge Sparks Speculation

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Bitcoin ETFs, blackrock, Cryptocurrency, Fidelity, Grayscale

Primary Sidebar

Recent Posts

  • XRP ETF Trading Volume Soars 5x Amid Investor Rush and Price Rally July 13, 2025
  • Dogwifhat (WIF) Correction Pauses as Bulls Target $1.03 Breakout July 13, 2025
  • XLM Eyes $0.46–$0.50 Following Stellar Protocol 23 Hype July 13, 2025
  • Pi Network Delays Full Launch Until Pi Coin Hits Stable $10 Price Target July 13, 2025
  • Solana Gains Institutional Backing as Upexi Commits $200 Million to Treasury July 13, 2025

Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2025 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.