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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow
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Breaking News: REX Shares Claims Its DOGE And XRP Spot ETFs Will Be Approved By US SEC Tomorrow

On-Chain Metrics Reveal Bitcoin Demand Is Growing – Can BTC Break ATHs In Q4?

Sebastian Villafuerte
Sebastian Villafuerte
11 months ago
3 mins read
On-Chain Metrics Reveal Bitcoin Demand Is Growing – Can BTC Break ATHs In Q4?

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Bitcoin surged over 5% yesterday, following a positive day across the crypto market. This sudden price boost has sparked optimism among investors and analysts, anticipating even bigger gains in the coming months. Market sentiment is improving alongside price action, fueling hopes for a sustained rally.

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Key data from CryptoQuant suggests that Bitcoin demand is rising, supporting the idea that Bitcoin could continue to climb. This growing demand and the improving market sentiment create a favorable environment for bullish momentum.

Continuing the recent price surge could set the stage for Bitcoin to reach new highs, while any hesitation might lead to further consolidation. Either way, market participants are eagerly awaiting the next major move.

Bitcoin Open Interest Reaching New Highs

After surging to test local highs, Bitcoin is at a critical turning point, setting the stage for a potential rally that has analysts and investors optimistic. 

The price has surged over 12% in less than a week, reflecting renewed bullish sentiment in the market. This upward momentum has sparked hopes of continued gains, with many speculating that Bitcoin is on the verge of a significant breakout.

Top crypto analyst and investor Ali Martinez recently shared a compelling CryptoQuant chart, revealing that Bitcoin’s open interest across all exchanges has just hit a new all-time high of $19.75 billion. 

Bitcoin open interest hist new ATH of $19.75 billion
Bitcoin open interest hist new ATH of $19.75 billion | Source: Ali on X

This spike in open interest often precedes large price moves, signaling heightened activity and more capital at stake in the market. A surge in open interest suggests that traders are positioning themselves for significant price action, potentially adding more fuel to the current rally.

The data from CryptoQuant supports the growing bullish outlook for Bitcoin, as it suggests that investors and traders are increasingly confident in the asset’s near-term performance. 

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Bitcoin could be on track to test new highs if this momentum continues, paving the way for a broader market rally. As the market eyes this critical juncture, the next few days will be crucial in determining Bitcoin’s trajectory.

BTC Pushing Local Highs

Bitcoin is trading at $65,600 after consolidating following yesterday’s surge to local highs. The price is eyeing the crucial $66,500 resistance level, which, if broken, could send BTC to new all-time highs.

This resistance has been a key barrier for Bitcoin, and a successful push above it would confirm the bullish momentum and likely lead to further gains.

BTC testing local highs around $66K
BTC testing local highs around $66K | Source: BTCUSDT chart on TradingView

BTC is now trading well above its 200-day moving average (MA) at $63,336, further solidifying the positive outlook for Bitcoin in the coming weeks. Holding above this MA is a strong indicator that the bulls are in control. The market is poised for a potential rally. 

However, for Bitcoin to continue its upward trajectory, it must break the $66,500 level and set a new high.

On the downside, if BTC fails to surpass this resistance, a retrace to lower demand levels around $62,000 could occur, which would still be a healthy correction within the broader uptrend. 

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The market remains optimistic, but the next few days will determine whether BTC can maintain its momentum or face a short-term pullback.

Featured image from Dall-E, chart from TradingView

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Sebastian Villafuerte
Sebastian Villafuerte

Sebastian Villafuerte

Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.

Read more

To share his insights with others, Sebastian became an active contributor to online discussions on platforms like X and LinkedIn. His focus on fintech and crypto-related topics quickly established him as a trusted voice in the online crypto community. Sebastian's goal was to educate and inform his audience about the latest trends and insights in the rapidly evolving crypto landscape.

To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance and decentralized finance. The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.

Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K reports, or engaging in thought-provoking discussions about the future of finance.

Sebastian's journey as a crypto pioneer has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable contributor to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and helping to shape the future of this revolutionary technology.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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