Bitcoin (BTC) Shows Signs of Recovery Despite Shorting Activity, Analysts Forecast Price Surge

Bitcoin (BTC) recently faced significant downward pressure, registering a 1.95% decline last week. However, the cryptocurrency has begun to show signs of

Bitcoin (BTC) price has made a significant recovery recently and has gained approximately 1.50% in the last 24 hours. However, the BTC price needs to rise further to compensate for previous losses. According to the latest data, the price of the cryptocurrency currently stands at approximately $58,420.

Analyst Justin Bennett outlined a possible scenario for the BTC price to rise to $70,000. He notes that regaining the $63,000 to $64,000 level could be a starting point for this rise. However, Bennett warned that the recent rally could be a "bull trap" where prices could fall again if support levels are broken. He says that a major breakout will be possible if the price rises to $64,500.

A counterargument to my calls for $BTC $57k before $70k is this 4h channel.

If #Bitcoin can reclaim $63-$64k, we can start talking about sweeping the $69-$70k shorts.

If it can't and these support levels start to fail, $57k becomes the target. pic.twitter.com/xefdqEOFjn

— Justin Bennett (@JustinBennettFX) October 4, Bennett also notes that Bitcoin trading volume increased after the exchange closed, indicating further bullishness.

The total amount of Bitcoin currently available on various exchanges has been gradually decreasing from 2.58 million to 2.57 million BTC as of October 3. This indicates that more and more traders are choosing to keep their Bitcoins on exchanges, which is a positive sign for the asset.

Recently, while the Bitcoin supply on the stock exchanges has decreased, it seems that the demand has increased. CryptoQuant Exchange Stablecoin Rate is at 0.00009506 and falling, indicating that existing stablecoins are being used to buy Bitcoin. If this trend continues, BTC may continue its upward move as market sentiment shifts to longer positions.

According to data from Coinglass, short-term traders suffered heavy losses in Bitcoin transactions. Liquidators lost approximately $41.80 million in short-term contracts on BTC, indicating that the market has clearly shifted towards bull territory.

Open Interest, a key metric that measures trader activity, increased by 3.66% to $34.08 billion.

The above is the detailed content of Bitcoin (BTC) Shows Signs of Recovery Despite Shorting Activity, Analysts Forecast Price Surge. For more information, please follow other related articles on the PHP Chinese website!