Bitcoin Realized Profit Hits ATH At $443 Million – Local Top Or Continuation?
November 24 2024 - 8:30PM
NEWSBTC
Bitcoin has surged past the $99,800 mark, setting a new all-time
high as it inches closer to the psychological $100,000 barrier.
While the milestone signals remarkable strength, the price has yet
to claim this key level, leaving investors in suspense. Market
demand remains robust, fueling optimism that Bitcoin will soon
break above the $100,000 threshold. Related Reading: Massive
Ethereum Buying Spree – Taker Buy Volume hits $1.683B In One Hour
Key data from CryptoQuant reveals that Bitcoin’s Realized Profit
has reached an all-time high of $443 million in daily gains. This
highlights significant buying pressure in the market as traders and
long-term holders lock in unprecedented profits. However, this
record-breaking profit-taking is also sparking concerns among some
investors. They fear the rally could stall, interpreting the surge
in realized profits as a potential signal of a local top scenario.
Despite these mixed signals, the overall market sentiment leans
bullish. Bitcoin continues to hold above crucial support levels,
suggesting that demand remains strong enough to drive the next leg
up. With the cryptocurrency just shy of a monumental breakthrough,
the coming hours and days will be critical in determining whether
Bitcoin’s momentum can sustain a decisive move beyond $100,000 or
if a temporary consolidation is on the horizon. Bitcoin Rally Could
Continue Above $100K Bitcoin’s rally from $66,800 to $99,800 has
marked a unique and unexpected bullish phase in 2024. As prices
approach the elusive $100,000 milestone, many investors who doubted
Bitcoin’s potential to hit this level this year are now revising
their expectations. The surge has been driven by strong demand and
market confidence, making a breakout above $100,000 seem
inevitable. Should this occur, analysts widely anticipate a bullish
continuation for Bitcoin, further solidifying its dominance in the
crypto space. Related Reading: Avalanche Soars 20% In 24 Hours –
Analyst Reveals Next Price Target However, market dynamics suggest
the journey to $100,000 may not be without hurdles. Corrections
during this phase are not only possible but could also be
beneficial for market health. A pullback would provide an
opportunity for consolidation, potentially giving altcoins the
space to recover and initiate their own rallies. Critical insights
from CryptoQuant analyst Maartunn shed light on the aggressive
nature of this rally. Data shows Bitcoin’s Realized Profit recently
hit an all-time high of $443 million daily, reflecting significant
profit-taking activity. While this confirms robust buying pressure,
it also raises concerns among cautious investors who interpret the
spike in profits as a potential sign of a local top. Despite these
concerns, there’s room for growth in Bitcoin’s trajectory.
Maintaining support above $95,000 would sustain bullish momentum,
but a healthy correction from current levels might also provide the
fuel needed for a stronger push beyond $100,000 in the near future.
BTC Testing Crucial Supply Bitcoin is currently holding strong
above the $97,000 mark, maintaining bullish momentum as it eyes a
push above the $100,000 milestone. This level represents a
significant psychological and technical barrier, and market
sentiment remains optimistic about Bitcoin’s potential to break it.
With demand staying robust, many investors are preparing for an
explosive surge that could define Bitcoin’s trajectory in the
coming weeks. However, there are growing concerns about the
possibility of Bitcoin setting a local top. If this scenario
materializes, the price could enter a consolidation phase,
potentially lasting several weeks as the market digests recent
gains. Analysts suggest that holding above the $98,000 level in the
next few days would keep bullish momentum intact and pave the way
for a breakout above $100,000. Related Reading: Polkadot Holds Key
Demand Level – DOT Could Hit $11 In Coming Weeks On the other hand,
if Bitcoin fails to hold the $97,000 mark, it could signal the
start of a healthy correction. In this case, the price may retrace
to the $92,000 level, a key demand zone that would likely act as
strong support. A pullback to this level would allow Bitcoin to
regroup and build the foundation for another push higher,
reinforcing its long-term bullish trend. Featured image from
Dall-E, chart from TradingView
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