According to an assessment by the on-chain analytics firm Glassnode, Bitcoin continues to trade above crucial support levels, yet faces challenges that may limit its price growth. Recent data indicates a decline in spot exchange-traded fund (ETF) inflows, low trading volumes, and a buildup of sell orders within the $85,000 to $85,500 range.<\/p>\n
In late September, Bitcoin ETFs in the U.S. achieved notable net inflows, totaling around $1 billion across two distinct days. However, that demand has since diminished, leading Bitcoin to trend sideways. The current profit-taking activity among investors remains lower than observed during previous market highs. Interestingly, long-term Bitcoin holders have increased their selling tendencies this week, contributing to recent price dynamics.<\/p>\n
Over the past month, Bitcoin has outperformed the S&P 500 index across many trading days, yet it experienced a sharper decline compared to equities during the recent market pullback. The key resistance levels for Bitcoin are concentrated between $85,000 and $85,500, where sell orders are notably heavy and exerting downward pressure on the price. Conversely, the “Real Market Average” price at $77,200 serves as a critical support level.<\/p>\n
Moreover, trading volume for Bitcoin recently reached the lower end of the spectrum that has been observed since the introduction of U.S. spot Bitcoin ETFs. Glassnode suggests that this low trading activity implies that the current bullish trend is still nascent and primarily driven by speculation.<\/p>\n
On a different note, altcoins have exhibited stronger performance compared to Bitcoin in recent weeks. This uptick in the altcoin market occurred without significant speculation or leverage, although Glassnode pointed out that this momentum has tapered off in the last week.<\/p>\n
Investors are advised to monitor these key levels as Bitcoin continues to navigate a complex market landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"
According to an assessment by the on-chain analytics firm Glassnode, Bitcoin continues to trade above crucial support levels, yet faces challenges that may limit its price growth. Recent data indicates a decline in spot exchange-traded fund (ETF) inflows, low trading volumes, and a buildup of sell orders within the $85,000 to $85,500 range. In late […]<\/p>\n","protected":false},"author":14,"featured_media":59982,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"slim_seo":{"title":"Will Bitcoin and Altcoins Rally Continue? Key Levels to Watch - Bitrabo","description":"According to an assessment by the on-chain analytics firm Glassnode, Bitcoin continues to trade above crucial support levels, yet faces challenges that may limi"},"_slim_seo_primary_term_category":0,"_slim_seo_primary_term_post_tag":0,"footnotes":""},"categories":[316],"tags":[508,448,466,606,459,1144,518,2344],"class_list":["post-59981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-altcoins","tag-bitcoin","tag-break","tag-continue","tag-key","tag-levels","tag-rally","tag-watch"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/59981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/comments?post=59981"}],"version-history":[{"count":1,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/59981\/revisions"}],"predecessor-version":[{"id":59983,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/posts\/59981\/revisions\/59983"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media\/59982"}],"wp:attachment":[{"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/media?parent=59981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/categories?post=59981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bitrabo.com\/discover\/wp-json\/wp\/v2\/tags?post=59981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}