TLDR
Bitcoin recently surpassed $90,000 and reached a peak of $93,477
Whales accumulated over 100,000 BTC (worth ~$8.60 billion) in past week
UTXO metrics show high percentage of market participants are profitable
Options market shows increasing call contracts expiring in next two months
Recent profit-taking pressure has stabilized, suggesting potential for continued growth
Bitcoin has reached a new milestone in its market journey, surpassing $90,000 and touching a peak of $93,477.
The latest price movement comes amid substantial accumulation by large holders, commonly known as whales, who have added over 100,000 BTC to their positions in the past week alone.
Data from multiple market analysis platforms shows that these whale purchases amount to approximately $8.60 billion worth of Bitcoin. This level of accumulation by large holders typically indicates strong confidence in the asset’s future price performance.
The UTXO (Unspent Transaction Output) Age Bands metric reveals an increasing distribution of Bitcoin holdings, suggesting broader market participation.
According to CryptoQuant analyst Shiven Moodley, current data shows a high percentage of market participants are in profit.
The Spent Output Profit Ratio (SOPR) remains in positive territory, indicating that most Bitcoin transactions are occurring at a profit. This metric often serves as a reliable indicator of market sentiment and potential price direction.
In the derivatives market, there’s been a notable increase in call options set to expire over the next two months. This surge in call contracts suggests that traders are positioning themselves for continued upward price movement.
Market data shows that Bitcoin’s price movement has followed a steady upward trajectory, with a nearly 20% increase over the past week. Despite a recent pullback to around $88,878, representing a 2.9% daily decline, the overall trend remains positive.
Probability models tracking Bitcoin’s price movements indicate that the asset has breached two standard deviations at the $90,000 level, with a 500-day lag. The next major price target, represented by the third standard deviation, sits at approximately $101,000.
The Market Value to Realized Value (MVRV) ratio currently stands at 0.36%, positioning Bitcoin just above its realized price. Historical data suggests that similar MVRV levels have often preceded further price appreciation.
On-chain metrics indicate a recent stabilization in profit-taking pressure. Analysis from Santiment shows that net unrealized profits, which climbed between November 9th and 11th, have since leveled out, suggesting a more balanced holding pattern.
Technical analysis reveals the formation of a potential cup-and-handle pattern, which typically carries bullish implications. Some analysts suggest this pattern could support a move toward higher price levels.
If #Bitcoin $BTC price action is following a cup-and-handle pattern, the bullish target could reach $255,000! pic.twitter.com/EMuA0QAPKA
— Ali (@ali_charts) November 13, 2024
The leverage in the derivatives market has increased, with a growing number of options market participants taking positions. This increased activity in the derivatives market could lead to heightened price volatility in the near term.
Large-scale Bitcoin buying by whales has historically correlated with upward price movements, as these major market participants often influence broader market sentiment and trading patterns.
Recent market data shows that selling pressure has subsided since the initial surge past $90,000, potentially creating conditions for sustained price stability at these levels.
Trading volume analysis indicates steady market participation, with consistent buying pressure supporting the current price levels. This sustained trading activity suggests ongoing market interest at these price points.
The most recent market data shows Bitcoin trading at $88,878, with active trading occurring across major exchanges and continued whale accumulation patterns being observed.
