Bitcoin (BTC) price continues to rise with strong momentum, reaching $38,000 with a 1.5% increase in the early hours. According to various on-chain metrics, bulls are showing their dominance beyond $40,000.
According to on-chain data, the top 100 Tether wallets have accumulated $1.67 billion worth of USDT in the past six months. It is observed that the purchasing power of these wallet addresses increased by 10% during this period. Data provider Santiment noted that Bitcoin reached $38,300 for the first time since May 5, 2022. While this increase can be attributed to various factors, the biggest contribution comes from the top 100 Tether wallet addresses, which collectively made $1.67 billion worth of purchases in the past six months.
This significant accumulation indicates an increase in buying power, and if this momentum continues, analysts predict that Bitcoin could surpass $40,000 in the short term.
Following the expiration of monthly options, it was reported that Bitcoin surpassed the $38,000 level and reached its highest level of the year. This upward movement contributed to Dvol’s average value returning to 54% from the previous decline, indicating a recovery.
Optimism that the first spot Bitcoin exchange-traded fund (ETF) in the United States could be approved in the first quarter of next year has led to an increase in market momentum. Skew, an anonymous crypto analyst, has been observing this significant positive trend for over a month, and this trend is in line with market expectations. The analyst suggests that every dip should be considered a buying opportunity until at least one spot ETF is officially approved.
Currently, Bitcoin’s upward momentum is facing resistance at the $38,000 level, but this resistance is short-term and limited. This indicates high demand from buyers seeking opportunities during price consolidation. Considering the rising support line and horizontal resistance around $37,800, analysts predict that Bitcoin could surpass $40,000, but the timing of this breakout is uncertain.
