Bitcoin Suddenly Hits $68K as Whale Holdings Reach Record High

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As a seasoned analyst with over two decades of experience in financial markets, I’ve seen my fair share of market fluctuations and trends. However, the current Bitcoin surge is something that catches my attention, not just because it’s impressive but also due to its consistency.

The number one digital currency, Bitcoin, has successfully regained its value at approximately $68,000.

On the CoinGecko platform, you’ll find that the premier digital currency is currently being exchanged for approximately $68,194. Over the last fortnight, this virtual currency has experienced a significant surge of around 14%.

Significantly, Bitcoin is currently just 7.6% away from reaching a new peak that was set as far back as March.

Trading analyst Christopher Inks claims that Bitcoin recently retested resistance as support, and it now trying to break out above the swing high of the initial breakthrough. 
 
 
On Oct. 29, Bitcoin briefly surpassed the $69,000 level. However, the bulls failed to maintain their momentum. 

Whale holdings reach a record high   

As a crypto investor, I’ve been closely watching the Bitcoin market, and according to the data from CryptoQuant, the Bitcoins held by whales have recently reached an unprecedented high. This trend could be seen as an “unequivocally” positive indication for Bitcoin, signaling potential growth in the largest cryptocurrency. Currently, these whales collectively hold approximately 670,000 BTC.

In the midst of the latest surge in Bitcoin’s price, a Bitcoin investor who bought in 2009 has continued to sell off more of their holdings.

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2024-10-24 23:24