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In a recent analysis, the on-chain analytics company In the block hints at upcoming Bitcoin price action. In a tweet, analysts at IntoTheBlock highlight the next Bitcoin price levels to watch, identifying the price levels BTC may head towards next based on the buying activity recorded on-chain.
According to IntoTheBlock, the recent high of $35,000 is the next resistance level for Bitcoin. This is where 664,000 Bitcoin holders bought 340,000 BTC.
If this level is exceeded, according to IntoTheBlock, the next point where trading activity will be concentrated will be between $38,000 and $39,000, where 333,000 BTC were purchased. This implies that BTC could aim for the $39,000 mark if all these immediate hurdles are overcome.
In the event of a market crash, buying activity appears to focus on just over $30,000, where 553,000 BTC changed hands.
After a sharp rise earlier this week fueled by Bitcoin ETF spot anticipation, the cryptocurrency market cooled considerably on Thursday and Friday.
The leading cryptocurrency by market capitalization rose for seven consecutive days, reaching a high of $35,157 on October 24, the highest level in about 18 months. This is the longest winning streak since March. Bitcoin fees surged 44.8% as transaction volume soared during the price boom.
However, as investors took profits after a near 20% gain the previous week, Bitcoin (BTC) fell to $33,907 at press time.
While Bitcoin prices may face a short-term price drop, analysts predict that the cryptocurrency could continue to rise in the long term.
According to IntoTheBlock, institutional interest in Bitcoin is certainly rising, with transactions surpassing $100,000 and hitting new highs in 2023. Recent spot ETF filings appear to be a driving force, as they were after BlackRock’s ETF filing in June.
