Originally published on: October 28, 2024
Bitcoin is on a bullish streak as it closes out the week near $68,000, with traders expecting more upside in the coming days. This surge comes as the cryptocurrency market prepares for the end of “Uptober.”
Traders are closely watching the healthy rebound in Bitcoin’s price, with data suggesting that the momentum will continue into the next trading sessions. There is also speculation about potential retracement levels based on a gap in CME Group’s Bitcoin futures market.
As the US Presidential Elections draw closer, volatility is expected across crypto and risk assets. BTC/USD is consolidating below its all-time highs, but traders remain optimistic about breaking the $70,000 resistance level.
Analysts are also keeping an eye on a “golden cross” forming on the daily chart, indicating a possible surge in Bitcoin’s price over the coming months. Data from CME Group’s FedWatch Tool suggests that there is a high likelihood of a 0.25% interest rate cut at the upcoming Fed meeting.
Overall, the market sentiment is positive, with larger BTC investors accumulating more coins and retail interest slowly picking up. While there are risks involved in investing in cryptocurrencies, the current trends suggest bullish outcomes in the near future.
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