Bitcoin bulls strongly hold above $34,000 despite macro, expiry, and month’s end pressures. Traders are predicting whether the rally will continue or wane, as they seek to gauge the market direction amid a bullish rally. BTC price is mostly moving in the $34,100-$34,900 range this week after a 30% rally this month.

Bitcoin Price May Witness Retracement: CryptoQuant

CryptoQuant research head Julio Monero in a post on X pointed out two significant on-chain developments after the recent Bitcoin price rally, which indicates consistent with a pause in the Bitcoin price rally.

He shared that short-term holders are selling Bitcoin at 6% profit, the highest profit margin since April. It shows profit booking by short-term holders as BTC price hit a monthly high of $35,150 this week.

In addition, whales are spending at the highest daily level since June. The larger whales are moving their BTC holdings. Whale Alert reported significant transfers of BTC to crypto exchanges Coinbase and Binance this week as BTC price soared over $35,000 suddenly.

Read More: Supply Pressure at $35k Threatens for 15% Drop in Bitcoin

BTC Price Goes Into Retracement

Trader Skew noted that Bitcoin open interest (OI) is very flat, with “mostly no chasing or sizably yet.” Bybit OI has increased around 8K BTC. Whereas, Crypto Tony believes BTC price to tap resistance near $36,000 and then reject.

$BTC / $USD – Update

Bitcoin is ranging right now, but i expect us to tap that high at $36,000 and then reject. It is the case of whether we are in re accumulation or distribution pic.twitter.com/B436YjzkUl

— Crypto Tony (@CryptoTony__) October 28, 2023

BTC price jumped 15% this week, with the price currently trading at $34,100. The 24-hour low and high are $33,416 and $34,238, respectively. Furthermore, trading volume decreased 18% in the last 24 hours.

US Fed’s preferred gauge to measure inflation core PCE cools down to 3.7%, but core PCE increased month-over-month due to high energy prices.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.