Bitcoin - Review from October 25, 2024

Despite the recent drop in Bitcoin's price this week, major holders continued to increase their positions in this asset. Quotations quickly recovered above $67,000, rising 3% after falling almost to $65,000. Despite this pullback, the metric tracking long-term sentiment remained unchanged as the volume of cryptocurrency among major holders reached new highs. Technically, if the price fails to break through the $70,000 mark, it is likely to revert back to a local minimum around the $59,000 level. In the shorter term, a retest of the local minimum around the $65,000 mark, which we have previously discussed, is likely.