CandleFocus Bitcoin Surges to $66k: New Higher High Signals Market Shift
2024-10-03
Author: Content Editor
Bitcoin has surged to $66,000, reaching a new technical higher high since its all-time high. This move is supported by several on-chain metrics, indicating a positive market outlook. Long-term holders are holding Bitcoin in spite of losses, suggesting market recovery. Short-term holders are seeing profitability rise, indicating improving market conditions. The current price cycle of Bitcoin shows similarities to previous cycles, hinting at a potential accumulation period. ETF investors remain confident, with total assets under management in US Spot ETFs reaching $58 billion. The market is entering a more profitable phase, with potential opportunities for individual and institutional investors.
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