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As Bitcoin teases the psychological barrier of $30,000, enthusiasts and analysts appear to be closely watching every price movement. The general sentiment so far seems to be not a question of \u2018if\u2019 but \u2018when\u2019 BTC will make its way past this significant mark.<\/span><\/p>\n Glassnode founder, aptly named \u201cNegentropic\u201d, recently shed<\/a> some light on Bitcoin\u2019s current price action via a post on X (formerly known as Twitter). The analyst observed that the top cryptocurrency remains comfortably perched above the 100-hourly SMA, consistently maintaining its price above the $28,000 range.<\/span><\/p>\n Diving deeper into the specifics, Negentropic pinpointed an immediate resistance for Bitcoin at $28,550. This is the threshold that the analyst believes could act as a catalyst for further price movements<\/a>. <\/span><\/p>\n According to Negentropic, if Bitcoin breaches this resistance and pushes past the $29,500 mark, it\u2019s almost certain that the top crypto<\/a> will set its sights on the coveted $30,000 level. Going by the momentum, it\u2019s not unrealistic to even anticipate a peak of around $30,650, the analyst<\/a> concluded.<\/span><\/p>\n Are bulls taking control as they rally around the $28k zone?<\/p>\n Main takeaways: \u2014 \ud835\udde1\ud835\uddf2\ud835\uddf4\ud835\uddf2\ud835\uddfb\ud835\ude01\ud835\uddff\ud835\uddfc\ud835\uddfd\ud835\uddf6\ud835\uddf0 (@Negentropic_) October 19, 2023<\/a><\/p>\n<\/blockquote>\n However, price isn\u2019t the only metric painting a bullish picture for Bitcoin. In another post on X that sparked considerable interest, on-chain analytics firm Santiment disclosed<\/a> that the number of Bitcoin wallets holding a minimum of 100 BTC has surged significantly, reaching 15,970.<\/span><\/p>\n \ud83d\udc33 #Bitcoin<\/a>\u2018s number of wallets holding at least 100 $BTC<\/a> has jumped to 15,970 after the largest single day jump of 2023 on Saturday. Since this accumulation, $BTC<\/a>\u2018s price is +5.3%, and they may not be done. We will continue to monitor. https:\/\/t.co\/l0drhvkf7E<\/a> pic.twitter.com\/0mDAmys7N4<\/a><\/p>\n \u2014 Santiment (@santimentfeed) October 18, 2023<\/a><\/p>\n<\/blockquote>\n His statistic often signifies increased confidence among larger investors, suggesting that the ecosystem\u2019s key players<\/a> are anticipating a continued upward trajectory for BTC.<\/span><\/p>\n Recently, Bitcoin\u2019s price has exhibited a bullish trend. Over the past week, the asset has surged by 7.5%. This uptick has propelled BTC to trade above the $28,500 threshold, currently priced at $28,698, marking a 1.2% increase in the last 24 hours.<\/span><\/p>\n From the analysis provided by Negentropic, BTC seems to have decisively breached its resistance at $28,550. This break could signify an imminent upward rally<\/a>, based on insights from the Glassnode founder.<\/span><\/p>\n Another expert, Ali Martinez, recently pointed out the significance of the $25,000 and $30,000 price ranges in BTC\u2019s trajectory. According to Martinez, these are \u201c<\/span>crucial demand bucket(s) in BTC history,\u201d\u00a0<\/span>marking the entry points of institutional giants like MicroStrategy and Tesla into the Bitcoin arena.<\/span><\/p>\n Most people, especially institutional investors like @saylor<\/a> @MicroStrategy<\/a> & @elonmusk<\/a> @Tesla<\/a>, bought #Bitcoin<\/a> between $25K & $30K, making this a crucial demand bucket in $BTC<\/a> history.<\/p>\n So when they tell you \u201cIt\u2019s too late to buy #BTC<\/a>\u201d or \u201cWait for $20K,\u201d please ignore them! pic.twitter.com\/B6rGtYidY6<\/a><\/p>\nBitcoin Potential Upward Trajectory<\/span><\/h2>\n
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\u2022 Current price > $28k & above the 100 hourly SMA \ud83d\udcca
\u2022 Immediate resistance at $28.55k \u26d4
\u2022 Break past $29.5k could lead to $30k target \ud83c\udfaf
\u2022 Potential to reach beyond $30.65k with continued momentum\u2026 pic.twitter.com\/Al8q2xGg5V<\/a><\/p>\n\n
BTC Latest Price Action<\/span><\/h2>\n
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