Bitcoin grew by more than 11% over the week

For almost a week now, bitcoin BTC $95,345.47 Bitcoin 1.58% Market capitalization $1.89 trillion VOL. 24 hours $1.39 billion has been holding its position above the $ 90,000 mark, having demonstrated an increase of 11.41% over the past seven days. According to Coin Track Daily, market participants are quite optimistic about further developments.

According to Santiment, traders have purchased 20,000 BTC worth about $ 1.86 billion over the past 48 hours. Such activity indicates strong investor confidence in the market and may become an additional driver for further growth in the cryptocurrency price.

Technical indicators also provide grounds for cautious optimism. The Short-term Holder Cost Basis is currently at $ 93,145, which is an important support for the market. The range of this metric ranges from $ 71,150 to $ 131,800, and analysts are closely monitoring its dynamics.

Alphractal’s research indicates that bitcoin is repeating the behavioral cycles that have been observed since 2015. The asset is currently in the so-called «markup phase», which is usually accompanied by a steady increase in value after a period of accumulation.

According to market analysts, mid-October (in particular, the period between the 12th and 16th) may become a key point of trend change. Bitcoin has the potential to reach the upper limit of the short-term holding cost at $ 131,800. Attention is also focused on the $ 102,000 mark, as breaking it could open the way to new historical highs.