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Bitcoin has been on a positive trajectory since early September, rising 31% from local lows around $53,000. However, after testing the supply level at $69,500, the cryptocurrency is facing selling pressure. Despite this, Bitcoin remains strong, holding above the previous high of $66,000, an important level that determines its next move.
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Important data from CryptoQuant reveals that, despite recent bearish efforts, bears are losing control of the futures market. The key indicator is bullish for the first time since July, suggesting that the current selling pressure may not be enough to push Bitcoin.
With Bitcoin in a critical phase, holding above the level of $66,000 will show continued strength and maintain the rise for the coming weeks. Investors are watching closely, as Bitcoin’s ability to stay above this support could pave the way for new highs and further momentum in the bullish cycle.
Bitcoin Taker Buyers Who Start Breathing
Crypto analyst Maartunn shared the latest data from CryptoQuant, revealing that Bitcoin buyers who buy in the futures market have struggled to profit more than sellers over the past year. Maartunn highlighted a chart showing that BTC’s net take volume has turned positive for the first time since July, indicating a possible reversal of momentum.
The current change in trend suggests that the bears are starting to lose control over Bitcoin’s price action, and buyers are starting to gain momentum.
This data points to a phase of accumulation, where the value of Bitcoin is suppressed by large investors, keeping it from making large gains or marking new monthly lows. The fact that BTC did not post a new low despite previous bearish pressure reinforces the view that the rally may be over, and a new bullish phase may be on the horizon.
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The coming weeks are important for Bitcoin, especially as the US presidential election approaches on November 5. Historically, elections introduce volatility and uncertainty into financial markets; this year is no different.
Broader market trends may influence Bitcoin’s price action, and traders are watching closely to see how BTC reacts to these developments. If Bitcoin maintains its upward momentum, a rally to new highs could follow in the weeks after the election.
BTC Testing Support Essential
Bitcoin is currently trading at $66,400 after a healthy retracement from its recent high of $69,500. The price now finds support at $66,000, which served as key resistance in late September and has since turned into a key demand area for BTC. This support is important for the bulls to maintain control, as holding above $66,000 shows strength and keeps the momentum alive for another attempt to break the $70,000 mark.
If Bitcoin can hold firm above this support level, the next logical target would be to challenge the $70,000 resistance, which has proved difficult to break. A breakthrough past this level could trigger further upside, which could propel BTC to new price gains.
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However, if the price crosses $66,000, lower levels of demand may be tracked again. In this case, the daily 200 moving average at $63,300 is the next important point where Bitcoin can find support before resuming its upward trend. The coming days will be crucial in determining whether BTC can maintain its bullish trajectory or if a deep pullback is imminent.
Featured image from Dall-E, chart from TradingView
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