摘要： Bitcoin price surged past $11,000, and three key indicators suggest a strong trend reversal is underway.
Within the last few hours, Bitcoin (BTC) price surpassed $11,000 in a swift turnaround from its swing low at $10,500 in early October. Analysts have attributed three major factors to BTC’s abrupt trend reversal.
The potential catalysts are whale accumulation, a spike in institutional demand and the strength of the $10,500 support. Whales are either accumulating or refusing to sell Earlier this week, Cointelegraph reported that activity within whale clusters pointed to strong buying demand from Bitcoin and Ethereum whales. In the cryptocurrency market, individual investors who hold immense amounts of Bitcoin are considered whales. Data from Whalemap shows that whales have likely been buying Bitcoin from $10,370 onwards, and on Oct. 8, the analysts said that the $10,570 support held. This indicates that whales bought substantial amounts of Bitcoin in the $10,407 and $10,570 range. Since whales typically account for a large portion of the buying demand and selling pressure in the Bitcoin market, whale accumulation is a significant catalyst. Institutional demand is rising due to high-profile bulk Bitcoin investments In the past two months alone, two multibillion-dollar conglomerates made public bulk purchases of Bitcoin. First, MicroStrategy disclosed that it had bought $250 million worth of Bitcoin on Aug. 11. Then it followed up with another statement revealing that it purchased an additional $175 million worth BTC. Following MicroStrategy’s announcement, the $81-billion payments firm Square said it bought $50 million worth of BTC. According to Peter Brandt, a veteran market analyst, the daily and weekly Bitcoin charts point at a “big buy signal” after Square’s investment. Brandt emphasized that a major corporation investing in Bitcoin is a highly significant event for BTC. He noted: “It is a major development that a global corporation is now putting $BTC onto its balance sheet. The weekly and daily charts are poised to flash a big buy signal.”
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