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Bitcoin (BTC) may continue its upward trajectory as essential on-chain indicators imply that further gains are feasible after surpassing a significant resistance level at $63,000, as noted in the latest “Bitfinex Alpha” report.
On October 14, Bitcoin reached a daily and local peak of $66,288 following a vigorous rally that rekindled traders’ enthusiasm regarding the “Uptober” narrative.
At the time of reporting, BTC had increased by 4.8% in the last 24 hours and was trading at $65,854, according to data from CryptoSlate.
Key metrics are bullish
The realized price of unspent transaction outputs (UTXO) age bands serves as a significant market indicator and is frequently utilized to categorize Bitcoin holders based on their average acquisition price relative to the duration of their holdings.
Historically, realized prices for short-term holders—addresses that have held BTC for less than 155 days—and mid-term holders—addresses that have held BTC for 6 to 12 months—have acted as crucial thresholds.
When Bitcoin struggles to surpass these levels, it typically indicates bearish trends. In contrast, breaking through these thresholds suggests a resurgence of bullish momentum, implying that new buyers are willing to maintain positions above these levels.
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Bitcoin was fluctuating between two significant realized price zones: approximately $63,000 for short-term holders and $55,000 for mid-term holders.
The report emphasized that BTC moving beyond $63,000 could pave the way for additional gains, which is currently in progress. Furthermore, failing to breach this resistance could lead the price down to $55,000.
Even though it has surpassed the $63,000 resistance, BTC still requires a robust daily close above this level to persuade the market to pursue higher prices, the report noted.
Market shows resilience
The activity observed on October 14 occurred despite last week’s difficulties when Bitcoin plummeted to $58,943.
This volatility was primarily fueled by spot selling on centralized exchanges, especially Coinbase, where selling pressure escalated as Bitcoin fell below $59,000.
The Coinbase Premium Gap, a vital metric that monitors the price disparity between Coinbase and other exchanges, also exhibited weakness, declining by 100 points. Nonetheless, the market demonstrated resilience, resulting in a recovery.
The lack of widespread panic selling, even as the Coinbase Premium turned negative, indicates underlying stability. The report warned that there remains a chance of a short-term correction but added that Bitcoin is positioned for a strong rebound even if the price reverts to lower levels.
The post Bitcoin poised for more upside after breaking $63,000 – Bitfinex appeared first on CryptoSlate.
