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 \u2018if\u2019 but \u2018when\u2019 BTC will make its way past this significant mark.<\/p>\n
Glassnode founder, aptly named \u201cNegentropic\u201d, recently shed<\/a> some light on Bitcoin\u2019s 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.<\/p>\n 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<\/a>. <\/p>\n According to Negentropic, if Bitcoin breaches this resistance and pushes past the $29,500 mark, it\u2019s almost certain that the top crypto<\/a> will set its sights on the coveted $30,000 level. Going by the momentum, it\u2019s not unrealistic to even anticipate a peak of around $30,650, the analyst<\/a> concluded.<\/p>\n Are bulls taking control as they rally around the $28k zone?<\/p>\n Main takeaways: \u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) October 19, 2023<\/a><\/p>\n However, price isn\u2019t the only metric painting a bullish picture for Bitcoin. In another post on X that sparked considerable interest, on-chain analytics firm Santiment disclosed<\/a> that the number of Bitcoin wallets holding a minimum of 100 BTC has surged significantly, reaching 15,970.<\/p>\n #Bitcoin<\/a>\u2018s number of wallets holding at least 100 $BTC<\/a> has jumped to 15,970 after the largest single day jump of 2023 on Saturday. Since this accumulation, $BTC<\/a>\u2018s price is +5.3%, and they may not be done. We will continue to monitor. https:\/\/t.co\/l0drhvkf7E<\/a> pic.twitter.com\/0mDAmys7N4<\/a><\/p>\n \u2014 Santiment (@santimentfeed) October 18, 2023<\/a><\/p>\n His statistic often signifies increased confidence among larger investors, suggesting that the ecosystem\u2019s key players<\/a> are anticipating a continued upward trajectory for BTC.<\/p>\n Recently, Bitcoin\u2019s price has exhibited a bullish trend. Over the past week, the asset has surged by 7.5%. This uptick has propelled BTC to trade above the $28,500 threshold, currently priced at $28,698, marking a 1.2% increase in the last 24 hours.<\/p>\n From the analysis provided by Negentropic, BTC seems to have decisively breached its resistance at $28,550. This break could signify an imminent upward rally<\/a>, based on insights from the Glassnode founder.<\/p>\n Another expert, Ali Martinez, recently pointed out the significance of the $25,000 and $30,000 price ranges in BTC\u2019s trajectory. According to Martinez, these are \u201ccrucial demand bucket(s) in BTC history,\u201d\u00a0marking the entry points of institutional giants like MicroStrategy and Tesla into the Bitcoin arena.<\/p>\n Most people, especially institutional investors like @saylor<\/a> @MicroStrategy<\/a> & @elonmusk<\/a> @Tesla<\/a>, bought #Bitcoin<\/a> between $25K & $30K, making this a crucial demand bucket in $BTC<\/a> history.<\/p>\n So when they tell you \u201cIt\u2019s too late to buy #BTC<\/a>\u201d or \u201cWait for $20K,\u201d please ignore them! pic.twitter.com\/B6rGtYidY6<\/a><\/p>\n \u2014 Ali (@ali_charts) October 18, 2023<\/a><\/p>\n Featured image from Unsplash, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n 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 \u2018if\u2019 but \u2018when\u2019 BTC will make its way past this significant mark.<\/p>\n Glassnode founder, aptly named \u201cNegentropic\u201d, recently shed<\/a> some light on Bitcoin\u2019s 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.<\/p>\n 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<\/a>. <\/p>\n According to Negentropic, if Bitcoin breaches this resistance and pushes past the $29,500 mark, it\u2019s almost certain that the top crypto<\/a> will set its sights on the coveted $30,000 level. Going by the momentum, it\u2019s not unrealistic to even anticipate a peak of around $30,650, the analyst<\/a> concluded.<\/p>\n Are bulls taking control as they rally around the $28k zone?<\/p>\n Main takeaways: \u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) October 19, 2023<\/a><\/p>\n However, price isn\u2019t the only metric painting a bullish picture for Bitcoin. In another post on X that sparked considerable interest, on-chain analytics firm Santiment disclosed<\/a> that the number of Bitcoin wallets holding a minimum of 100 BTC has surged significantly, reaching 15,970.<\/p>\n #Bitcoin<\/a>\u2018s number of wallets holding at least 100 $BTC<\/a> has jumped to 15,970 after the largest single day jump of 2023 on Saturday. Since this accumulation, $BTC<\/a>\u2018s price is +5.3%, and they may not be done. We will continue to monitor. https:\/\/t.co\/l0drhvkf7E<\/a> pic.twitter.com\/0mDAmys7N4<\/a><\/p>\n \u2014 Santiment (@santimentfeed) October 18, 2023<\/a><\/p>\n His statistic often signifies increased confidence among larger investors, suggesting that the ecosystem\u2019s key players<\/a> are anticipating a continued upward trajectory for BTC.<\/p>\n Recently, Bitcoin\u2019s price has exhibited a bullish trend. Over the past week, the asset has surged by 7.5%. This uptick has propelled BTC to trade above the $28,500 threshold, currently priced at $28,698, marking a 1.2% increase in the last 24 hours.<\/p>\n From the analysis provided by Negentropic, BTC seems to have decisively breached its resistance at $28,550. This break could signify an imminent upward rally<\/a>, based on insights from the Glassnode founder.<\/p>\n Another expert, Ali Martinez, recently pointed out the significance of the $25,000 and $30,000 price ranges in BTC\u2019s trajectory. According to Martinez, these are \u201ccrucial demand bucket(s) in BTC history,\u201d\u00a0marking the entry points of institutional giants like MicroStrategy and Tesla into the Bitcoin arena.<\/p>\n Most people, especially institutional investors like @saylor<\/a> @MicroStrategy<\/a> & @elonmusk<\/a> @Tesla<\/a>, bought #Bitcoin<\/a> between $25K & $30K, making this a crucial demand bucket in $BTC<\/a> history.<\/p>\n So when they tell you \u201cIt\u2019s too late to buy #BTC<\/a>\u201d or \u201cWait for $20K,\u201d please ignore them! pic.twitter.com\/B6rGtYidY6<\/a><\/p>\nBitcoin Potential Upward Trajectory<\/h2>\n
\n\u2022 Current price > $28k & above the 100 hourly SMA
\n\u2022 Immediate resistance at $28.55k
\n\u2022 Break past $29.5k could lead to $30k target
\n\u2022 Potential to reach beyond $30.65k with continued momentum\u2026 pic.twitter.com\/Al8q2xGg5V<\/a><\/p>\nBTC Latest Price Action<\/h2>\n
Bitcoin Potential Upward Trajectory<\/h2>\n
\n\u2022 Current price > $28k & above the 100 hourly SMA
\n\u2022 Immediate resistance at $28.55k
\n\u2022 Break past $29.5k could lead to $30k target
\n\u2022 Potential to reach beyond $30.65k with continued momentum\u2026 pic.twitter.com\/Al8q2xGg5V<\/a><\/p>\nBTC Latest Price Action<\/h2>\n