Bitcoin’s bullish trend continues for another day,, as several market conditions seem to favor the world’s biggest cryptocurrency. According to data, Bitcoin jumped by 6% to hit $73,544 late Tuesday, its highest market price since March 14th. With this latest price surge, Bitcoin’s October gain is up by 13%, better than the top performers in the S&P with an average 1% increase.
Aside from Bitcoin, other top digital assets showed strengths, with Ethereum surging by 4% and the Binance Coin up by 2%. And with considerable inflows to Bitcoin ETFs in recent days and the US elections just days away, many expect a bigger price surge for Bitcoin.
Bitcoin price breaching the $73k level. Source:
A Bullish Bitcoin Ahead
Bitcoin’s jump to $73,500 during US trading hours Tuesday narrowly missed its all-time high set on March 14th. However, a few developments and favorable market conditions can help push in the next few days.
Firstly, Bitcoin has finally snapped its seven-month downtrend. For weeks, the top crypto has consolidated at just above the $68,000 level, and this stability motivated traders and investors to push the price.
B I T C O I N
There are numerous ways to determine targets. One variable is whether semi-log or linear scale is used
Target of 94,000 is measured move of triangle projected from breakout level on semi-log
⬇️ 🧵 1/3
— Peter Brandt (@PeterLBrandt)
Just this Monday, Bitcoin topped the psychological $70,000 support before getting a bigger push from inflows from ETFs and trades by whales. Many market analysts, including experienced trader Peter Brandt, set an even : Bitcoin will reach $94,00 to $160,000 soon.
Second, the price movement has liquidated plenty of short positions and effectively passed sell walls between $65,000 and $71,000. This development established a positive mood by leaving short traders on the edge. Thirdly, its industry domination is now at 60%, its highest since March 2021.
The ongoing large inflows into the approved in January also play a major role in the recent spike of the cryptocurrency. Based on Bernstein’s data, in the past few months the top BTC ETFs have drawn billions of inflows from businesses and institutional investors. These funds’ total assets under management as of October 28th already surpass $68 billion and are further likely to rise.
Then, with about $43 billion of interest, there is also increasing curiosity in crypto futures. This rise in trading volume points to positive attitude among traders and demonstrates increased interest of market players.
Source:
All Eyes On The US Elections
Perhaps the biggest driver of Bitcoin’s price is next Tuesday’s scheduled . The rise in price has coincided with Trump’s increasing odds of winning the presidential elections.
Initially a “crypto skeptic,” Republican Trump has emerged as a pro-crypto and Bitcoin candidate, calling for a strategic stockpile of the token for the country.
All these factors helped Bitcoin’s recent price surge and can power the top crypto to a new all-time high.
Featured image from Dall-E, chart from TradingView
They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.
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Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).
Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!
So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).
Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.
Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.
Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.
Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.
So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.
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