On-chain analytics company IntoTheBlock hinted to the next move in Bitcoin prices in a recent report. The next price levels for Bitcoin to monitor are highlighted in a tweet by IntoTheBlock analysts. These levels are determined by looking at buying activity that has been documented on-chain.
The recent high of $35,000 is the next level of resistance for Bitcoin, according to IntoTheBlock. 340,000 BTC was bought by 664,000 Bitcoin owners at this location.
https://x.com/intotheblock/status/1717873172052136085?s=20
IntoTheBlock claims that if this level is exceeded, trade activity would concentrate around $38,000–$39,000, which is where 333,000 BTC were purchased. This suggests that if all of these short-term obstacles are overcome, Bitcoin may aim for the $39,000 mark.
In the case of a market decline, 553,000 BTC appear to have changed hands at a price point little above $30,000.
The expectation of the spot Bitcoin ETF caused the cryptocurrency market to soar higher earlier this week. However, on Thursday and into Friday, the market saw a significant decline.
Seven days in a row saw increases in the top cryptocurrency by market capitalization, which peaked on October 24 at $35,157, the highest price in about eighteen months. Since March, this is the winning run that is the longest. During the price bubble, there was a 44.8% increase in bitcoin fees along with a spike in transaction volume.
However, Bitcoin (BTC) dropped to $33,907 at the time of publication as speculators cashed out following an almost 20% increase the week before.
Although there may be a brief decline in the price of Bitcoin, economists believe the cryptocurrency will likely continue to increase in the long run.
IntoTheBlock reports that institutional interest in Bitcoin is undoubtedly growing, as seen by transactions that surpass $100,000 and hit all-time highs in 2023. It seems that recent spot ETF applications—which came after BlackRock’s ETF filing in June—are a motivating factor.
