The Breakdown One Way or Another, Bitcoin Looks Ready to Break Out
Oct 18, 2024
Bitcoin's momentum is stirring as it approaches the pivotal $68,000 mark. A recent report reveals record-breaking 220 million monthly active crypto wallets, hinting at a growth phase reminiscent of the 90s internet boom. Meanwhile, stablecoins are gaining traction for real-world use. The conversation also touches on Bitcoin mining dominance and highlights a heated debate over crypto regulation, showcasing the complex dynamics of the evolving cryptocurrency landscape.
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Bitcoin Surge and Volatility
- Bitcoin's price is surging, challenging $68,000 for the first time since July.
- This could signal a breakout from the summer downtrend, but historical data suggests October is typically volatile for Bitcoin.
On-Chain Activity vs. Profit-Taking
- On-chain activity, like active Bitcoin addresses, is increasing, suggesting a return of demand.
- However, profit-taking and a potential demand-supply divergence hint at future volatility.
Market Volatility and Potential Reversal
- Rising liquidations in leveraged markets indicate increased volatility.
- A strengthening US dollar and retail trader sentiment point towards a potential market reversal.