Originally published on: October 30, 2024
Bitcoin enthusiasts witnessed a 9.7% surge in BTC price from October 27 to October 29, hitting a peak of $73,575 before a slight pullback to $71,500 on October 30. Despite this correction, various indicators like derivatives market activity, onchain metrics, and stablecoin demand point towards a strong foundation for Bitcoin’s price to rally above $73,000 in the coming days.
One key indicator of bullish sentiment is the Bitcoin futures premium, which currently sits at a 13% premium, the highest level in over four months. This premium showcases a strong belief from investors that Bitcoin’s price may soar further despite the recent dip.
A comparison between Bitcoin and gold prices also sheds light on market sentiments. While gold initially spiked to an all-time high of $2,790 on October 30, it later lost some momentum. Factors like the United States’ private payrolls report, showing job increases in October, have influenced gold’s price. The lack of aggressive interest rate cuts by the Federal Reserve due to a strong economy has also affected the demand for alternative assets like gold and Bitcoin.
In the midst of market fluctuations, Bitcoin’s resilience remains evident as traders have shown confidence in the cryptocurrency. Despite some initial selling near all-time highs, net outflows from exchanges have been dominant, indicating a strong belief in Bitcoin’s potential to maintain its bullish momentum in the near future.
Overall, the combination of onchain metrics, derivatives indicators, and stablecoin demand in various markets suggests that Bitcoin may be gearing up for a significant price surge. As traders remain optimistic about its future, the stage is set for potential new highs for Bitcoin in the days to come.
