- Bitcoin trading volume surges 23% in the past 24H.
- Breaking $37,800 may test $42,600 resistance; support at $35,670.
Bitcoin enthusiasts witnessed a stirring moment in the market as the leading cryptocurrency, by market capitalization, surged to new 18-month high of $37,904, tantalizingly close to breaching the $38,000 mark in recent hours. After a prolonged lull, the Bitcoin bulls made a notable comeback, propelling a remarkable 33% surge in the past 30 days. Just a month ago, BTC struggled around $29,448, seemingly distant from the current price range and grappling with breaking the $30,000 resistance.
Despite the bullish momentum, the past couple of days introduced some volatility, nearly pushing BTC below $35,500. However, a minor 2% surge over the last seven days was overshadowed by today’s recovery, marking a substantial 6% surge in the past 24 hours. Simultaneously, trading volumes spiked by 23%, hitting a new pinnacle at $28 billion.
This surge aligned with a broader 5% surge in the global market cap, accompanied by a 10% rise in overall trading volume over the last 24 hours. Notably, altcoins mirrored this positivity, with altcoin head, Ethereum registering a 4% surge in the same period. Other prominent altcoins like Solana (SOL), Avalanche (AVAX), and Kaspa also soared to new highs. It maintained a robust presence across various social media platforms.
Moreover, recent research unveiled intriguing insights, indicating that a staggering 69% of the Bitcoin supply has remained inactive for over a year, reaching an all-time high. Additionally, data from Santiment, a prominent crypto data aggregator, highlighted a significant improvement in Bitcoin’s NVT ratio. This metric serves as a key indicator for traders. It signals the health of the circulating BTC supply concerning current market cap levels.
Delving into whale behavior, cryptocurrency analyst Alí Martinez disclosed on-chain data illustrating profit-taking activities by Bitcoin whales. During the surge from $35,000 to nearly $38,000, over 15 wallets holding more than 1,000 BTC either sold or redistributed their assets. Notably, this surge was largely influenced by BlackRock, the world’s largest asset manager. It had applied for a Bitcoin spot ETF approval from the SEC in June.
Where to Next for the Bitcoin Bulls?
A closer analysis of Bitcoin’s recent price movements reveals an underlying bullish trend on the daily chart. Notably, the 9-day exponential moving average (EMA) positioned below the trading price at $36,665, further underscoring the prevailing bullish sentiment. Meanwhile, the daily relative strength index (RSI) stands at 69, indicating a potential approach towards an overbought position.
As the price approaches critical levels, breaking above $37,800 could pave the way for testing the $42,600 resistance level. Conversely, a dip below $36,210 might lead to a test of the $35,670 support level.
