Originally published on: October 30, 2024
Bitcoin is hovering just below its all-time high, causing some to be wary of the market’s calm reaction. With BTC price reaching $73,500 before cooling off, traders are cautiously optimistic about the current consolidation phase, which has held steady at $71,000.
Renowned trader Daan Crypto Trades noted that Bitcoin has surpassed every major lower high from this year except for the all-time high, hinting at a potential breakthrough soon. Meanwhile, analyst Rekt Capital highlighted the significance of the weekly close in determining the strength of BTC/USD’s recent move.
QCP Capital praised Bitcoin’s remarkable performance and hinted at possible geopolitical and macroeconomic factors driving the rally. As the market awaits crucial economic data and Fed decisions, the landscape for Bitcoin remains uncertain but promising.
Despite the price nearing its all-time high, funding rates for Bitcoin remain relatively low, indicating limited retail interest in trading. Analysts speculate that retail investors have yet to fully embrace the current market rally, as shown by the lack of activity on platforms like Coinbase.
As Bitcoin continues its upward trajectory, enthusiasts are hopeful for a breakthrough beyond $73,000. Stay tuned for more updates on the evolving crypto market landscape.
Remember, this article does not offer investment advice. Make sure to conduct your own research before making any financial decisions. Subscribe to our newsletter to stay informed about the latest market insights and trends.
