$37 Billion Bitcoin in 24 Hours: BTC Skyrocketing
2024-10-09

The volume of on-chain transactions involving Bitcoin surged recently, reaching an astounding $37.4 billion in just one day. This is the largest increase since March 12. When driven by dormant whale activity, as indicated by Lookonchain's insights, this level of activity typically indicates underlying market dynamics worth closely monitoring.
Large holders are acting, as seen by the $15.6 million movement from Binance that was recorded in the transaction metrics. This is an example of dormant coins being brought back into circulation. This could portend a price rally as it frequently corresponds to significant changes in Bitcoin's price.BTCUSDT Chart by TradingView
According to past experience, these kinds of volumes typically indicate that bullish momentum may be building up in the near future when combined with older Bitcoin holdings reentering the market. With multiple significant moving averages providing support and resistance levels, it appears that Bitcoin is consolidating around the $62,000 range, according to the market data.
The sudden surge in price combined with the rise in transaction volume points to the possibility that Bitcoin is preparing for a more significant move on the market, possibly testing the $65,000 mark once more. Given that significant price swings, whether positive or negative, usually precede on-chain transaction spikes, this is especially important. Volatility on Bitcoin is still there despite this volume.
With traders waiting to see whether this influx will create sustained upward pressure or merely be a momentary uptick, the $65,000 resistance level remains a crucial line to watch. If this is broken, there could be even bigger moves ahead, but if the current support is broken, Bitcoin might drop back into the mid-$50,000 range.