Bitcoin's (CRYPTO: BTC) fluctuation between the $64,000 and $67,000 range over the past days prompted traders to predict more accumulation.
What Happened: Crypto trader Emperor on Tuesday outlined key levels to watch and suggested strategies for potential investors. He stated, "Initially people assumed we will dump from $63,500 but that’s where we bought the absolute Bottom of the Dump."
The trader also noted that the $66,000 level was broken multiple times and then retested as support. He believes that the market will spend considerable time at this level and accumulate. He added that the $67,000+ level, which was already broken, is no longer a strong resistance. However, he mentions that some positive news is needed to break it and establish it as a support.
He concluded with his strategy, "Best Bet right now is to be ready to Buy the levels on Dips you feel comfortable with and Accumulate till September." This strategy could be valuable for investors looking to capitalize on Bitcoin’s price fluctuations.
Why It Matters: IntoTheBlock data shows a 75% increase in large transaction volumes and a 24% spike in daily active addresses. Transactions greater than $100,000 also increased from 5,287 to 8,307.
Crypto trader Scient, in his X post, highlighted that from June 19 to July 19, around $4 billion in BTC has been sold in the market from known sources. However, some hidden counterparties have been doing heavy accumulation between $50,000 and $60,000. He concluded that this is a "clear sign of strength."
Additionally, another trader indicated two levels that he is looking at for booking a long position on Bitcoin. The first one is $63,800 – $63,080 and the second one at $60,700.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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