Bitcoin continues its historic trajectory this week by setting six new consecutive records, propelled by an unprecedented wave of buying. The queen of crypto has crossed the threshold of $89,000, now exceeding the market capitalization of metal silver and the GDP of most countries including Spain.
Bitcoin Crosses Historic Threshold With Record Buying Pressure
Traders are carefully observing the meteoric rise of Bitcoin, which has appreciated by more than 32% in the space of a week. Data from CryptoQuant reveals a massive accumulation since late September, mainly fueled by institutional investors.
According to Axel Adler, an analyst at CryptoQuant, net taker volume, a key indicator measuring the aggressiveness of buying in spot markets, poster continued growth, demonstrating renewed confidence from major market players.
The robustness of this upward movement is manifested by a notable absence of significant correction, despite the magnitude of the gains recorded. Buy orders continue to flow into major exchanges, suggesting that the current momentum may continue.
Bitcoin's appeal now extends well beyond the crypto sphere, attracting the attention of traditional fund managers who are reassessing their exposure to digital assets amid accelerated financial innovation.
Technical Outlook and Watch Areas
Bitcoin is currently trading around $87,800, after briefly testing psychological resistance at $90,000. Technical data suggests healthy consolidation after this dizzying climb, with early supports around the recent pivot points at $85,000 and $82,000.
Analysis of on-chain transaction flows confirms the solidity of the movement: long-term addresses continue to accumulate, while selling pressure remains contained despite historical price levels.
This technical setup, coupled with exceptionally optimistic market sentiment, suggests a potential continuation of the rally after a stabilization phase.
The next sessions will be decisive in confirming Bitcoin's ability to transform these historic highs into a new support level. The increased volatility around these levels testifies to the psychological importance of the $90,000 zone, the crossing of which could trigger a new wave of institutional buying.
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