Bitcoin Hits All Time Highs, What is Next?
Table of Content
- Recent price action and significance of Coinbase data
- Impact of ETF inflows on BTC price
- Influence of U.S. elections and pro-crypto candidate Donald Trump’s rising odds
- Market Fear & Greed Index overview
The price of Bitcoin (BTC) rallied to the $70,200s on Monday on Coinbase, according to TradingView, marking its highest level since June.
Although the Bitcoin’s price has retreated to the high $69,000s as of early Tuesday trading, bullish sentiment apperas to dominate the marker.Robust and steady ETF inflows, strengthened with Donald Trump’s rising odds of winning the US Presidential elections, have fueled a much-needed BTC rally
Other popular altcoins — including Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Ripple (XRP), and Litecoin (LTC) — were all trading in the green as the overall Market Fear & Greed Index stood at 60 (Greed) out of 100, as per CoinMarketCap data. The POPCAT token emerged as the top gainer for the second consecutive day, jumping nearly 17 percent over 24 hours. Meanwhile, Mantra (OM) recorded the largest loss, declining by approximately 3 percent within the same period.
At the same time, risks seems to lean towards a de-esclation between Israel and Iran. Israel’s recent response to Iran’s early October missile attack refrained from targeting nuclear facilities or refineries, potentially giving Iran room to step back from further conflict.
This easing of tensions provided a tailwind for the crypto prices and U.S. equities, despite fresh upside in US treasury yields ahead of a bombardment of US economic data coming up this week.
Currently the global crypto market cap stood at $2.35 trillion at the time of writing, registering a 24-hour jump of 2.42 percent.
An Overview of What crypto Exchanges Saying About the Current Market Condition
The CoinSwitch Markets Desk observed, “After a prolonged period of sideways and bearish price movement, Bitcoin (BTC) appers poised to challenge its all-time high of $73,700, with prices now exceeding over $71,000. Since September following a drop to $53,000, BTC has been on an upward trajectory, and just surpassed $70,000 mark. This momentum may be driven by new rate cuts from major Western central banks (excluding Japan), China’s fiscal and monetary support, and significant inflows into U.S. spot Bitcoin ETFs. Adding further intrigue is the U.S. election season, especially with pro-crypto candidate Donald Trump gaining momentum.”
Shivam Thakral, CEO of BuyUcoin, noted, “Bitcoin has made an impressive leap past above $71,000, reaching this milestone for the first time since June. This rally is driven by substantial inflows into exchange-traded funds and growing speculation leading upto next week’s U.S. elections. Ethereum and Dogecoin have also seen gains of 5.67% and 14.96%, respectively, indicatin reflecting a broader wave of positive sentiment across the cryptocurrency market.”
Sathvik Vishwanath, CEO and co-founder of Unocoin, highlighted Bitcoin’s recent surge past $70,000, with a 5% gain, indicating potential to break the $72,000 resistance level. After establishing a support around $66,500, BTC quickly moved above $68,000 and is currenlty trading over $71,000. With a high at $71,482, Bitcoin shows strong bullish momentum, trading above the 100-hourly SMA. The $72,000 level now stand as a key resistance, and a successful breakthrough could see BTC testing $73,000 or even $75,000, approaching a new all-time high. In the event of a pullback, support around $70,500 and $68,500 may offer stability.
Conclusion
The information which provided in this article is for informational purposes only and it does not constitute financial advice. Cryptocurrency investments are highly volatile and involve significant risks. Readers should have to conduct their own research and consult with a qualified financial advisor before making any investment decisions.
