- Significant amount of Bitcoin had moved out of exchanges.
- Bitcoin showed strength as the market anticipated a bullish end to the year.
Bitcoin [BTC] continues to display resilience as the crypto market prepares for a potentially bullish final quarter of the year.
As of press time, Bitcoin was trading at $64K, following a peak of $66K three days ago. The recent slight dip suggests a brief correction, but on-chain data shows that BTC is being moved off exchanges and into cold wallets.
This behavior indicates that investors are accumulating BTC in anticipation of a rally, signaling increased confidence in Bitcoin’s long-term price stability.
Source: CryptoQuant
Bitcoin flips bull support band on the weekly
The movement of Bitcoin away from exchanges supports the bullish outlook, with BTC now trading above the bull market support band.
BTC has been fluctuating around this key level but has fulfilled to close above the band for its second consecutive week.
If Bitcoin maintains this momentum, it could leave the support band behind and trigger a more substantial upward movement that could potentially break the ATHs.
Source: TradingView
Historically, Bitcoin’s strongest fourth quarters have followed a bullish September. In 2024, it has already gained over 8% in September.
This sets the stage for a potential surge to new highs in November, as previously predicted by AMBCrypto.
The performance strengthens the case for a bullish outlook, with BTC likely to rise even higher in the coming weeks.
Short-term holders back in profit
Bitcoin’s recent price action has also brought short-term holders back into profit. These investors, who have moved their BTC within the past 155 days, are now seeing gains as the price trades above the $63K level.
This price point is expected to act as a support level, potentially pushing BTC higher.
The renewed profitability for short-term holders aligns with the broader trend of Bitcoin leaving exchanges, further reinforcing the bullish outlook.
Source: CryptoQuant
Bitcoin locked in DeFi
Another factor supporting Bitcoin’s bullish momentum is the growing demand for BTC in decentralized finance (DeFi). Currently, 1% of Bitcoin’s total supply is locked in DeFi protocols.
This trend is driven by the increasing demand for Bitcoin-based yield and the launch of Coinbase’s new Bitcoin-pegged token, cbBTC.
As more Bitcoin is locked in DeFi, its scarcity in spot markets increases, which could drive the price higher.
The reduced availability of BTC on exchanges, combined with its growing use in DeFi, creates an environment where Bitcoin could see significant price increases in the coming months.
Source: IntoTheBlock
These developments add further confidence to the bullish outlook as markets head into the final quarter of the year.
Read Bitcoin’s [BTC] Price Prediction 2024–2025
Bitcoin’s current strength, increased accumulation, and rising demand in DeFi suggest a positive trajectory for its price.
If BTC can sustain these trends, it could break new highs before the year ends. Investors are watching closely, expecting Bitcoin to perform even higher as the market enters a historically strong quarter.
