Bitcoin Entering The Bull Run Phase

Bitcoin is entering the final phase of this cycle as it approaches all-time highs and flirts with uncharted territory. This pivotal moment has drawn significant

As Bitcoin approaches all-time highs, close observers are anticipating a pivotal moment in this market cycle. This week holds great significance not because of the upcoming U.S. election or the Federal Reserve’s pending interest rate decision, but due to BTC's imminent entry into uncharted territory.

If BTC crosses this milestone, it will enter a “price discovery” mode, potentially setting off a massive rally across the entire crypto market.

This bullish anticipation is supported by data from CryptoQuant analyst Maartunn, who highlights that Bitcoin Long-Term Holders sold an impressive 177,617 BTC in the last seven days. This metric tracks the movement of older BTC, usually held by investors with a long-term perspective.

This wave of selling from seasoned holders often signals a bullish phase, indicating that they're taking profits ahead of a potential market shift. This positioning aligns with BTC's momentum near its peak, suggesting that many see current prices as ideal to lock in gains, possibly making room for fresh buyers and new demand.

With BTC so close to all-time highs, any upward breakout could shift the entire market's sentiment and initiate a substantial bullish rally, marking this week as a critical period for BTC and the broader crypto landscape.

Bitcoin Entering The Bull Run Phase

As Bitcoin approaches all-time highs and enters the final phase of this cycle, this pivotal moment has drawn the attention of analysts and investors in the crypto market.

Recently, CryptoQuant analyst Maartunn shared the Balance Change by Time Held chart, revealing that BTC Long-Term Holders (LTH) sold 177,617 BTC in the last seven days. This chart tracks the movement of older BTC, typically owned by investors with a long-term perspective.

Compared to short-term speculators, Long-Term Holders are less affected by market volatility. Their activity often serves as a contrarian indicator. They tend to buy and increase their holdings during price dips and sell when prices surge. As BTC's price rose over the past few days, there has been a noticeable uptick in LTH distribution, signaling a potential shift in sentiment among these seasoned investors.

This activity aligns with patterns observed during previous bull runs in 2018, 2021, and 2024, where LTH activity played a crucial role in price movements. The current surge in BTC’s price and increased selling from LTHs suggest that these investors might be taking profits ahead of a potential breakout, reflecting their confidence in the market’s trajectory.

As Bitcoin approaches its all-time highs, the dynamics between Long-Term Holders and the broader market will be crucial in determining whether it can sustain momentum and enter a new price discovery phase. This week could set the tone for the future of Bitcoin and the entire cryptocurrency market.

BTC Nears ATH After Dipping Yesterday, BTC trades above the $68,000 mark. As it hovers just below $69,000, market participants closely follow the unfolding events surrounding the US election.

For bulls to regain momentum and steer towards a bullish trajectory, BTC must breach the $70,000 resistance in the coming days and set its sights on its all-time highs.

However, the volatile nature of the market and the uncertainty surrounding economic factors could lead to price movements that might push BTC lower. If such a scenario unfolds, a key support level to watch for is the $66,500 mark, a critical demand zone that upholds the bullish price structure. Maintaining support above this level is essential for sustaining the upward momentum and avoiding a deeper correction.

As the market awaits the election results, traders remain cautious, with price action likely influenced by the political landscape and broader economic sentiment. The coming days will be pivotal for Bitcoin as it seeks to establish a firm foundation to drive further gains and possibly enter a new price discovery phase.

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