Bitcoin (BTC) Shows a ‘Major Sign of Strength:’ Price Rally Incoming?

Bitcoin rebounded 2% over the past 24 hours and briefly reclaimed $81,000 ahead of the Federal Reserve’s Oct. 28 meeting. Analyst Sweep said Bitcoin had reclaimed its 50-day exponential moving average on strong spot demand, calling it the first major sign of strength, and noted more than $1 billion of BTC moved to self-custody in 24 hours. Max Crypto said an unidentified investor opened a $72.1 million, 30x-leveraged long position, a bet on higher prices. Ali Martinez warned of a pullback, citing $156 million in realized whale profits, an 8,162-unit decline in whale holdings and a weaker Coinbase Premium index, a U.S. demand gauge; he put support near $81,000 and said Bitcoin needs to clear $84,500 to turn bullish.