The post Bitcoin’s Buy Walls Strengthen as Price Surges Above $64,000: Bull Run Ahead? appeared first on Coinpedia Fintech News
Bitcoin price has skyrocketed to $64,400, jumping an astonishing 10% since the U.S. Consumer Price Index (CPI) report on October 10. This surge has ignited interest among crypto enthusiasts, as new data from CryptoQuant CEO Ki Young Ju reveals shifting market sentiments as even multiple indicators hint at a bullish breakout for Bitcoin.
Bitcoin Buy Walls Strengthen
According to Ki Young Ju, key data from the previous cycle (2020-2022), noted that sell walls consistently dominated buy walls until the end of that period. Now, for the first time since May 2021, Bitcoin’s buy walls are strong enough to counter the selling pressure across all the exchanges.
This could signal a significant shift in market sentiment, suggesting that bullish momentum may continue. Ki Young Ju notes that this data reflects the potential for a sustained upward trend as Bitcoin’s buying power now appears stronger.
The timing of these shifts aligns with Bitcoin’s recent price surge, suggesting that stronger buy walls might support further upward movement. With Bitcoin’s buy and sell volumes now balanced, the market may be set for a new rally if buying interest continues.
Key Indicators Signal Strong Bullish Move
Meanwhile, technical indicators from different timeframes are showing positive signs, suggesting that the current upward trend may still have further to go.
Data from the widely-used Material Indicators tool shows that just below $65,000, there are significant liquidity zones, hinting that if Bitcoin can break above the crucial 200-day moving average (DMA), it could surge higher. The 200-DMA is historically a key marker for longer-term trends, and moving past it often signals further gains.
However, resistance is likely around $64,900, where traders might begin taking profits. This level’s buy-and-sell walls could lead to a temporary pause or consolidation for Bitcoin before attempting another breakout.
