Bitcoin surge continues to capture attention. Since hitting a low of $15,500, it has steadily pushed higher, breaking key resistance levels with strong momentum.
Bitcoin drew from the last few months a large formation with a broadening wedge pattern, which once more has broken out upside, reflecting a solid bullish trend. During October, Bitcoin whale activity started to see some big pick-ups.
According to Santiment, on Oct. 10, large holders began heavy accumulation when BTC briefly touched $59,000. Between Oct. 10 and 13, 268 new wallets holding between 100 and 1,000 BTC appeared. Growth in whales across the rally has signalled that big investors might lead price action upwards.
Additionally, on Oct. 10, over 11,697 Bitcoin transfers exceeding $100,000 were recorded. This marked a notable increase in large transactions, fueling Bitcoin’s price rise.
Bitcoin reaches $68,000, driven by increased whale activity
The spike also helped push BTC past $68,000, a level not seen since July. This increased whale activity suggests that key stakeholders show renewed interest in Bitcoin.
Social media buzz has also followed this rally. Bitcoin dominated discussions, accounting for over 25% of all cryptocurrency-related conversations in the past week, according to Santiment. This surge in attention points to traders focusing more on BTC than altcoins, which is typically a bullish signal.
Still, traders remain cautious. Some have been taking profits lately, which might dampen this rally. FOMO has also been an influencer towards the crowd behavior, something analysts have kept a close eye on. Even with that, Bitcoin’s long-term outlook remains fabulous despite the prospect of some short-run corrections.
According to market data, historically, buying and holding Bitcoin has been profitable 98.45% of the time. With its 3,879-day history, Bitcoin has yielded gains on 3,819 of these days, a strong case for investing long in leading the cryptocurrency.
Related | Coinbase demands answers on bank limits for crypto
