Bitcoin (BTC) Primed to Hit $73K ATH as Whale Activity Counters Bearish Attempts to Short the Market

Fears of market overheating are rising as Bitcoin [BTC] surges past the $68K benchmark, breaking a four-month slump, even as the RSI sees a sharp decline.

Bitcoin [BTC] has seen a remarkable four-month rally, surging past the $68K critical level. However, as it trades just above this level, the RSI has seen a steep decline.

As a result, trading just above this critical level may signal a potential top for BTC. If this range is confirmed as a resistance point, a price correction could be on the horizon, potentially forcing mass capitulation.

On the other hand, several macro factors could be impacting BTC’s price movements. These factors may influence the psychology of large holders, who could be viewing this level as a key buying zone.

Moreover, the rise in whale activity, with addresses holding 1K–10K BTC hitting a 3-month high, is also noteworthy. This activity has played a crucial role in countering bearish pressure.

Overall, this cycle appears to be psychologically driven, and despite bearish attempts to short Bitcoin, the likelihood of a significant correction seems slim for now.

Bitcoin’s surge — Psychology over fundamentalsFirst, it’s essential to consider that Bitcoin is heavily influenced by macroeconomic factors.

Currently, a confluence of events – such as the post-halving surge, the nearing end of the election cycle, the “Uptober” frenzy, and cuts in Fed rates – has combined to propel Bitcoin to $68K in just ten days without any solid pullback.

This is important because, despite key technicals pointing to a near-term reversal, these macro factors may strengthen large holders’ belief that this is a key buying zone.

In other words, big players might still see this level as an opportunity, and this psychological momentum could draw in more buyers, fueled by rising FOMO as market sentiment heats up.

To support this, we can observe the increasing activity of whale addresses holding 1K–10K BTC, which last hit a high around 39 days ago.

During the last major spike in whale activity, we saw a 5% daily price surge, pushing BTC above the $66K level.

As mentioned earlier, whale activity has been a key factor in countering bearish pressure, and since the start of October, their activity has reinforced our initial hypothesis.

Overall, this cycle appears to be psychologically driven, and despite bearish attempts to short Bitcoin, the likelihood of a significant correction seems slim for now.

Market buzz leading the way to $73KHistorically, the halving year has been a reliable indicator of when a bull cycle might occur.

Spikes in the 30-day demand average (marked in green) have consistently coincided with Bitcoin supply cuts during halving events.

These supply reductions typically spark long-term rallies, delivering outsized returns to stakeholders.

Interestingly, even if the fundamentals don’t immediately play out, the widespread anticipation alone can trigger a breakout.

This cycle is a prime example – the market buzzed with expectations of a halving-driven rally, and true to form, Bitcoin has already hit $68K in a remarkably short timeframe.

That said, if whale activity continues on this upward trend— which seems likely—Bitcoin could be set to hit its all-time high of $73K before the end of Q4.

The above is the detailed content of Bitcoin (BTC) Primed to Hit $73K ATH as Whale Activity Counters Bearish Attempts to Short the Market. For more information, please follow other related articles on the PHP Chinese website!