According to CryptoPotato, Bitcoin experienced steep volatility, causing approximately $400 million in liquidations in crypto futures markets. A key support zone is identified between $37,150 and $38,360, while resistance levels are at $43,850 and $46,400. A 10% price drop was followed by a rebound from the $40,000 support level. Increased institutional accumulation and a high Money Flow Index indicate potential price growth. Institutional interest in Bitcoin surged, with BTC holdings doubling in portfolios in 2023, driven by market optimism and prospects of regulatory advances and a Bitcoin ETF.
The crypto market delivered a rollercoaster of price movements this Monday, destroying leveraged, long, and short positions alike. In the case of a reversal, Bitcoin will face several obstacles before resuming its upward trajectory. Analysts and traders are closely monitoring key support levels to assess the direction of Bitcoin’s price movement in the near term.
A surge in money inflow into Bitcoin has been observed, reaching levels unseen since the last cycle’s peak and occurring only five other times in history. The Money Flow Index reaching 91.57 suggests sustained momentum, possibly propelling Bitcoin to higher levels. On-chain data shows Bitcoin’s available supply is at historic lows, reflecting increased HODLer accumulation, much of it stemming from institutional investors. Institutions largely favor Bitcoin, and BTC holdings doubled in the first three quarters of 2023, reaching 50% of portfolios in September, driven by positive market sentiment, expectations of regulatory advancements, and a potential Bitcoin ETF approval.
