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Cryptocurrency analysts note the positive dynamics of bitcoin BTC $78,320.79 Bitcoin 0.88% Market capitalization $1.57 trillion VOL. 24 hours $1.17 billion : over the past day, its price has added 3.2%, and over the past month — about 5%. Despite the growth of the flagship crypto market, several key indicators indicate a possible short-term correction before further growth. In particular, the activity of large cryptocurrency holders has decreased — the number of addresses with more than 1000 BTC has fallen to 1350, which is the lowest value in three months. This may indicate profit-taking after the exchange rate dropped from $ 115,000 to $ 106,400.
The share of retail buyers has increased amid a decline in whale activity. At the same time, there has been a change in the dynamics of bitcoin outflows from exchanges. While on October 15, the volume of coins withdrawn amounted to 111,720 BTC, on October 26 it dropped to 54,643 BTC, a drop of almost 51%. This may indicate a decline in demand from buyers and an increased risk of a short-term price decline.
Technical indicators remain positive. The Relative Strength Index (RSI) is showing a sequence of higher lows, which creates a bullish divergence — a sign of a gradual return of buyers. Bitcoin has confirmed a breakout from the downward wedge and is currently holding above $ 111,000. The nearest resistance level is $ 117,600. If it breaks through, the next targets may be $ 121,400, $ 126,300, and $ 134,100.
At the same time, there is a risk of a pullback if the price does not stay above $ 112,200. In this case, the price may drop to $ 108,900 or even $ 103,500, a level that previously acted as strong support. This creates conditions for increased volatility in the market, despite the general upward trend.
The overall picture indicates a gradual return of interest in bitcoin, but the likelihood of short-term fluctuations remains. Attention to the behavior of major players and volumes on exchanges remains a key factor in assessing further dynamics.