50% Off! Beat the market in 2025 with InvestingProCLAIM SALE

$37 Billion Bitcoin in 24 Hours: BTC Skyrocketing

Published 09/10/2024, 10:11
Updated 09/10/2024, 13:45
BTC/USD
-

U.Today - The volume of on-chain transactions involving Bitcoin surged recently, reaching an astounding $37.4 billion in just one day. This is the largest increase since March 12. When driven by dormant whale activity, as indicated by Lookonchain's insights, this level of activity typically indicates underlying market dynamics worth closely monitoring.

Large holders are acting, as seen by the $15.6 million movement from Binance that was recorded in the transaction metrics. This is an example of dormant coins being brought back into circulation. This could portend a price rally as it frequently corresponds to significant changes in Bitcoin's price.

According to past experience, these kinds of volumes typically indicate that bullish momentum may be building up in the near future when combined with older Bitcoin holdings reentering the market. With multiple significant moving averages providing support and resistance levels, it appears that Bitcoin is consolidating around the $62,000 range, according to the market data.

The sudden surge in price combined with the rise in transaction volume points to the possibility that Bitcoin is preparing for a more significant move on the market, possibly testing the $65,000 mark once more. Given that significant price swings, whether positive or negative, usually precede on-chain transaction spikes, this is especially important. Volatility on Bitcoin is still there despite this volume.

With traders waiting to see whether this influx will create sustained upward pressure or merely be a momentary uptick, the $65,000 resistance level remains a crucial line to watch. If this is broken, there could be even bigger moves ahead, but if the current support is broken, Bitcoin might drop back into the mid-$50,000 range.

This content was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.