Bitcoin (BTC) surged over 8% last week, closing above $63K, driven by the U.S. Federal Reserve’s recent rate cut. After bouncing off the 50-week Moving Average (MA), BTC is now testing the key resistance level above $64k. Is this a sign of a bigger breakout?
Over the past two weeks, Bitcoin’s rally has eased concerns of further crypto market declines. The Bitcoin Fear and Greed Index climbed above 50% on Monday, showing growing positive sentiment. Investors are becoming more optimistic about a potential bull run.
As geopolitical tensions rise, especially between NATO and the BRICS movement, both Bitcoin and Gold are seeing increased demand. Gold, which recently hit a new all-time high of $2,630, could be paving the way for Bitcoin to follow in its footsteps.
On-chain data shows that large Bitcoin holders, or “whales,” have been significantly increasing their positions. The supply of Bitcoin on centralized exchanges (CEXs) has dropped to multi-year lows, from 2.7 million units in March to about 2.3 million now. This trend aligns with the optimistic outlook for Bitcoin’s price in the months ahead.
In the last 30 days, over 91,100 Bitcoins have been withdrawn from major exchanges like Binance and Coinbase Pro. Meanwhile, U.S. Bitcoin ETF issuers have accumulated nearly $800 million in BTC over the past two weeks, reflecting growing institutional interest.
After a weak performance in Q3, Bitcoin is expected to rebound strongly in Q4, with predictions that it could reach around $100K by year-end. While there’s still a chance of retesting the $55K support level, many indicators suggest the bulls are gaining momentum.
The weekly Relative Strength Index (RSI) has already rebounded above the 50 percent level and broken out of a falling logarithmic trend. A consistent close above the 200-day Moving Average will propel Bitcoin price towards the next major milestone of about $69k.
Do you think Bitcoin will hit $100K by year-end, or are the bears lurking?
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