[CoinNess Analysis: BTC Trading Volume Strikes All-Time High, Signaling Unstoppable Surge]

BTC’s moving up to the 10,000 USDT level on Binance had support from a technical perspective and the news that the Chinese leadership is studying the importance of blockchain. It is estimated that BTC will continue to climb up as investors won’t stop buying the most popular crypto asset easily.
Data shows that BTC addresses grew by 4.6% from Oct 26’s 29.37 million to Oct 27’s 30.72 million, indicating newcomers could be investing in the king coin within a short period, which led to an increase of up to 40% during the past week. This is a strong signal of going long.
Noticeably, BTC’s 24-hour trading volume reached $48.7 billion on Oct 26, surpassing the previous high of $46 billion on June 27. In other words, investors’ enthusiasm about BTC is likely nearing a peak.
The number of active addresses of BTC, however, went down after growing to a short-term high, meaning newcomers are expecting new highs, with seemingly less trading volume.
The fact that the three-day cap inflows of BTC amounted to $566 million shows the majority of new investors bought BTC in the range of $7,500 to $10,000, another catalyst for the coin’s future spike.
Technical indicators show that the next critical support level for BTC stands at $9,542 (38.2% Fib), which, if confirmed, will push BTC up to the $11,515 resistance level.
By press time, BTC marks 9,627.37 USDT on Binance.
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