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Bitcoin Indicator Signals ‘Shift To Bullish Territory’ – Can BTC Break Past $65,000?

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Bitcoin has experienced a significant price surge since Tuesday, following the Federal Reserve’s announcement of a 50 bps interest rate cut. This move pushed BTC past the critical $62,000 mark, a psychological level that has become a turning point for investor sentiment. With Bitcoin now testing local supply, market participants are closely watching for further upside potential.

As the price continues to push higher, analysts are pointing to crucial data indicating a potential shift in Bitcoin’s trend after months of downtrend price action. Glassnode metrics reveal a notable trend change, suggesting BTC may be entering bullish territory once again. This resurgence is drawing increased attention from both retail and institutional investors as they evaluate whether Bitcoin’s rally has staying power or if the market will face resistance at higher levels.

With renewed momentum, the coming days will be critical in determining if Bitcoin can sustain this upward trajectory and fully break out of its previous bearish phase.

Bitcoin Signals A Bullish Return 

Bitcoin investors have seen sentiment shift dramatically from fearful to hopeful in just a few days. Following the Federal Reserve’s rate cut announcement on Wednesday, Bitcoin surged over 8%, breaking critical levels and testing local supply. This sudden price action has sparked renewed optimism in the broader crypto market, giving investors hope for a fresh start after months of bearish price movement.

Prominent crypto analyst Ali Martinez has shared valuable insights on X, drawing attention to key data from Glassnode that suggests a significant shift in Bitcoin’s price trend. Specifically, Ali highlights the Market Value to Realized Value (MVRV) ratio, which tracks the difference between BTC’s market price and its actual value.

Bitcoin MVRV Momentum suggests a potential return to bullish territory.
Bitcoin MVRV Momentum suggests a potential return to bullish territory. | Source: Ali on X Glassnode chart

The MVRV ratio, which had been in a downtrend since April, is now rising, signaling that Bitcoin may be regaining strength. Ali notes that the MVRV is a critical indicator for assessing momentum, and the current upward trend hints at a potential return to bullish territory.

The analyst further explains that if the MVRV can close above its 90-day moving average, it would confirm a stronger bullish outlook for Bitcoin. Given the aggressive price surge and the increasing demand reflected in recent price action, this scenario seems increasingly likely. Investors are now watching closely, as Bitcoin’s next moves could mark the beginning of a new bull phase.

Technical Levels To Watch

Bitcoin (BTC) is trading at $63,024 after days of consistent “only up” price action since hitting local lows. The price recently broke above the daily 200 exponential moving average (EMA) at $59,350 and is now testing the critical daily 200 moving average (MA) at $63,954. 

BTC testing the 1D 200 MA.
BTC testing the 1D 200 MA. | Soruce: BTCUSDT chart on TradingView

This daily 200 MA is a key long-term indicator, signaling overall market strength. If Bitcoin can reclaim this level as support, it would likely trigger a significant price surge, bolstering the bullish outlook.

For bulls to maintain momentum, the next target would be around this critical level, with a potential push toward $65,000, a price last tested in late August. However, should BTC fail to hold above $60,000 in the coming days, investors may see a retracement to lower demand levels. The ability to stay above key support zones will determine the next phase of price action.

Featured image from Dall-E, chart from TradingView



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Benjamin Cowen Issues Bitcoin Alert, Says Potential Plunge ‘That Scares People’ Incoming – Here’s His Outlook

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Widely followed analyst Benjamin Cowen is issuing a warning on Bitcoin (BTC) as the flagship crypto asset trades near its all-time high.

In a new video, Cowen tells his 820,000 YouTube subscribers that Bitcoin could turn bearish around one month after the US general election.

“I just want to put that out there as one potential outcome that following the election, there’s going to be a lot of really bold calls as to what will happen. And what I think could happen is a drop sometime in early December that scares people. And I think it might be around the time of the labor market release [Non-Farm Payroll report is scheduled for December 6th].”

According to Cowen, Bitcoin could drop somewhere between 12% to 46% from the current level if the bearish scenario plays out.

“What is unclear to me right now is whether that drop by Bitcoin is just back-testing this [around $65,000] and then going up in 2025 or if it’s back-testing down here [around $40,000] and then going up. That is what I still remain somewhat unsure of…”

Source: Benjamin Cowen/YouTube

At time of writing, Bitcoin is trading at $73,813, down about 2% from its all-time high of around $75,400.

The widely followed analyst says that his envisaged Bitcoin correction in December would likely be temporary if it happens.

“I could envision a scenario where after the political outcomes are all decided if Bitcoin doesn’t immediately move up and then it starts to crash people might assume that the cycle is over. But it could very well just simply be the soft landing scenario…

…you could get a situation where you know Bitcoin sort of falls here and then rallies on up to new all-time highs in 2025.”

Source: Benjamin Cowen/YouTube

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Bitcoin (BTC) Price Hits $76K as Crypto Liquidations Soar, Coinbase (COIN) Rockets 30% Higher on Trump Sweep

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“It’s hard to think how the election outcome could have landed better for the industry, and expectations of key regulatory improvements are likely to build in the coming months and quarters,” David Lawant, head of research at crypto prime brokerage FalconX, said in a Wednesday report. “Such clarity could open room for additional crypto ETF products, covering the main crypto assets and potentially also a broader crypto index, and give entrepreneurs and investors more comfort in U.S. token launches.” However, Lawant warned of short-term risks in the meanwhile, which may include “last-minute enforcement actions by departing officials.”



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Trump victory creates over 11k new Bitcoin millionaires

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Donald Trump’s 2024 election victory has created over 11,000 new Bitcoin millionaires.

According to data from Finbold, the number of Bitcoin wallets valued at $1 million or more rose to 132,842 on November 6, as Bitcoin prices increased by 7.8% in just 24 hours.

Last month, there were 121,061 Bitcoin addresses worth over $1 million. This figure has now grown by 11,487 wallets, indicating significant wealth gains among Bitcoin holders, per Finbold.

At the time of writing, Bitcoin (BTC) has passed its all-time high and is currently trading at $75, 428. 

Can Bitcoin go higher?

This spike follows a strong month for Bitcoin, which has risen 20% over the past 30 days. With Trump’s win and an overwhelming lead in the electoral college, Bitcoin saw renewed interest and broke past previous high prices. 

Analysts suggest that Trump’s pro-crypto stance might lead to a supportive regulatory shift, potentially boosting market conditions. Technical analyst Gert van Lagen predicts Bitcoin could reach $250,000 by early next year. 





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