Bitcoin Historical Data Hints at Imminent BTC Break Above $73,000 📈
Bitcoin's recent price action hints at an impending breakout above $73,000. Following a drop below $60,000 on October 10, BTC regained momentum, aligning with historical patterns where Bitcoin tends to rally by the end of October.
The current Bitcoin price stands at $68,563, with indicators from CryptoQuant suggesting a further rise. The US-to-Rest Reserve Ratio, a metric analyzing Bitcoin holdings by US versus global entities, has been pivotal in driving past price surges.
An increase in this ratio signals heightened US institutional demand. The recent rise in this metric since mid-October is a positive sign, echoing earlier price ascensions driven by US interest.
Notably, Blackrock's substantial BTC acquisition underscores institutional involvement, supporting the outlook for Bitcoin exceeding $70,000 soon.
Crypto analyst Rekt Capital's analysis bolsters this view, noting that BTC's move above significant resistance diminishes the chance of an immediate downtrend. Moreover, Bitcoin's sell-side risk ratio, reaching its lowest since September 3, also suggests a continued rise.
The daily Bitcoin chart shows support at $64,785, with the Relative Strength Index (RSI) indicating bullish momentum aligning with expected price increases.
However, a downturn below $64,785 could shift predictions, with a potential decline to around $60,286.
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