Originally published on: October 30, 2024
Bitcoin has been hovering around $71,885, inching closer to its all-time highs, prompting analysts to predict a possible surge beyond $73,500. Despite the calm market reaction, traders are optimistic about the current consolidation phase, with $71,000 serving as a sturdy support level.
Renowned trader Daan Crypto Trades pointed out that Bitcoin has surpassed major lower highs this year, except for the all-time high, hinting at a potential breakout. Meanwhile, analyst Rekt Capital emphasized the importance of the upcoming weekly close in determining the strength of BTC/USD’s recent rally.
QCP Capital lauded Bitcoin’s remarkable performance, attributing it to geopolitical and macroeconomic factors. With upcoming events like the US unemployment data release, the Federal Reserve’s interest rate decision, and tech company earnings, the crypto market is bracing for potential volatility.
Despite Bitcoin’s price surge, funding rates remain relatively stable, indicating subdued retail interest in trading. Analysts noted the lack of enthusiasm among retail investors, as reflected in the activities on major exchanges like Coinbase.
As Bitcoin continues to flirt with its all-time highs, market observers are closely monitoring key developments that could shape its future trajectory. Stay tuned for more updates on Bitcoin’s impressive journey in the volatile crypto market. Remember, investing in cryptocurrencies carries risks, and it’s essential to conduct thorough research before making any financial decisions.
