As Bitcoin teases the psychological barrier of $30,000, enthusiasts and analysts appear to be closely watching every price movement. The general sentiment so far seems to be not a question of ‘if’ but ‘when’ BTC will make its way past this significant mark.
Glassnode founder, aptly named “Negentropic”, recently shed some light on Bitcoin’s current price action via a post on X (formerly known as Twitter). The analyst observed that the top cryptocurrency remains comfortably perched above the 100-hourly SMA, consistently maintaining its price above the $28,000 range.
Bitcoin Potential Upward Trajectory
Diving deeper into the specifics, Negentropic pinpointed an immediate resistance for Bitcoin at $28,550. This is the threshold that the analyst believes could act as a catalyst for further price movements.
According to Negentropic, if Bitcoin breaches this resistance and pushes past the $29,500 mark, it’s almost certain that the top crypto will set its sights on the coveted $30,000 level. Going by the momentum, it’s not unrealistic to even anticipate a peak of around $30,650, the analyst concluded.
Are bulls taking control as they rally around the $28k zone?
Main takeaways:
• Current price > $28k & above the 100 hourly SMA 📊
• Immediate resistance at $28.55k ⛔
• Break past $29.5k could lead to $30k target 🎯
• Potential to reach beyond $30.65k with continued momentum… pic.twitter.com/Al8q2xGg5V— 𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰 (@Negentropic_) October 19, 2023
However, price isn’t the only metric painting a bullish picture for Bitcoin. In another post on X that sparked considerable interest, on-chain analytics firm Santiment disclosed that the number of Bitcoin wallets holding a minimum of 100 BTC has surged significantly, reaching 15,970.
🐳 #Bitcoin‘s number of wallets holding at least 100 $BTC has jumped to 15,970 after the largest single day jump of 2023 on Saturday. Since this accumulation, $BTC‘s price is +5.3%, and they may not be done. We will continue to monitor. https://t.co/l0drhvkf7E pic.twitter.com/0mDAmys7N4
— Santiment (@santimentfeed) October 18, 2023
His statistic often signifies increased confidence among larger investors, suggesting that the ecosystem’s key players are anticipating a continued upward trajectory for BTC.
BTC Latest Price Action
Recently, Bitcoin’s price has exhibited a bullish trend. Over the past week, the asset has surged by…
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