Bitcoin Maintains 67K Support Following Market Boost from Whale Profits

Bitcoin holds support at $67K
Whale activity indicates high demand
Bitcoin dominance grows, reflecting confidence
Over the past seven days, Bitcoin’s outlook has seen mild volatility, resulting in a marginal decline of around 3% in its value. Meanwhile, altcoins have been significantly more volatile, with most registering losses, except for a few such as Solana and Tron, which have managed to remain positive amid the turbulence. At press time, BTC’s price is trading at $67.545,24, up 1% over the past 24 hours.
The week started off promising for Bitcoin, with an impressive surge on Monday to $69.500, its highest level since late July. However, this bullish momentum was short-lived, and the price began to decline, culminating in a drop to $65.000 on Wednesday. Despite a brief recovery on Thursday, the price was again pressured lower, closing at around $65.500, influenced by uncertainty surrounding Tether.
However, Bitcoin bulls did not give up, and a price rally was observed, leading the cryptocurrency to stabilize around $67.000 over the past 24 hours. This movement resulted in a 1,6% weekly drop for Bitcoin, despite significant inflows into ETFs, which in turn pushed its dominance in the crypto market to the highest mark since 2021, reaching 55,6%.
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Ali, a renowned cryptocurrency analyst, recently highlighted in a tweet a remarkable move by Bitcoin whales, who have made over $1,4 billion in profits. This phenomenon was evidenced by the substantial increase in profits made by long-term holders. The volume of Bitcoin whales has been growing, reaching levels last seen in 2021.
# Bitcoin
whales recently cashed in over $1.4 billion in profits!
pic.twitter.com/M68NPVfJi6
— Ali (@ali_charts)
October 26, 2024
The market seems to react positively to these movements, with an increase in BTC outflows from exchanges, and a consequent decrease in supply on them, while the amount outside the platforms increases. Such metrics suggest strong buying pressure for the currency, a usually positive indicator that precedes price increases.
Disclaimer:
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.