Category: Cryptocurrency News

Bitcoin’s bullish trend continues for another day, breaking the $73,000 barrier, 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. Related Reading: Musk’s Revelation Sparks 15% Dogecoin Spike After Trump Rally Appearance 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. 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 Bitcoin to higher highs 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 $BTC 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 pic.twitter.com/VI0n7OAvia — Peter Brandt (@PeterLBrandt) October 29, 2024 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 bolder target: 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. Related Reading: Bitcoin ETF Inflow Streak Breaks With Nearly $80 Million Outflows In Sudden Reversal  Institutional Interest In Bitcoin Rising The ongoing large inflows into the Bitcoin exchange-traded funds 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. All Eyes On The US Elections Perhaps the biggest driver of Bitcoin’s price is next Tuesday’s scheduled US elections. 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

submitted by /u/InclineDumbbellPress [link] [comments]

Bitcoin is soaring once again, but Bitcoin.com CEO Corbin Fraser wishes to remind everyone that with its unique set of driving forces, bitcoin is on a long-term trajectory to reshape the global economy Bitcoin Nears Historic Highs but Huge Growth Is Still Ahead  Bitcoin’s recent price action has been impressive, with the cryptocurrency approaching […]

Libeara and FundBridge Capital bring US Treasury investments onchain with the Ultra Fund, boosting blockchain finance.

As America’s 2024 election approaches, the U.S. Federal Reserve’s Federal Open Market Committee will make a pivotal decision on the benchmark interest rate just two days later. A Quarter-Point Rate Cut? Fedwatch and Bettors Reveal the Odds Aside from the suspense of who will claim victory as the next U.S. president—a verdict that might not […]

On-chain data shows the Bitcoin short-term holders have only been taking minimal profits recently despite the asset’s latest rally. Bitcoin Short-Term Holder SOPR Is Currently At Relatively Low Levels As pointed out by an analyst in a CryptoQuant Quicktake post, the short-term holder SOPR is still under the range that has signaled overheated conditions for the asset during the past year. The “Spent Output Profit Ratio” (SOPR) here refers to an indicator that tells us about whether the Bitcoin investors as a whole are selling their coins at a profit or loss. Related Reading: Ethereum Bullish Signal: Whales Withdraw $750 Million In ETH From Exchanges When the value of this metric is greater than 1, it means the average holder on the network is transferring their coins at a net profit. On the other hand, it being under this mark implies loss-taking is dominant. In the context of the current discussion, the SOPR of a specific segment of the BTC userbase is of interest: the short-term holders (STHs). This cohort includes the BTC investors who bought their coins within the past 155 days. Statistically, the longer an investor holds onto their coins, the less likely they become to sell them at any point. As the STHs are relatively young holders, they don’t carry much resilience, and thus, can be prone to panic selling whenever a major change occurs in the market, like a rally or crash. Now, here is a chart that shows the trend in the Bitcoin STH SOPR over the past year or so: As displayed in the above graph, the Bitcoin STH SOPR has been above the 1 level recently, suggesting that this group has been realizing a net amount of profit with their transactions. With the latest bullish push that BTC has seen beyond the $71,000 level, the metric has seen some uplift, as the STHs have ramped up their profit-taking. The indicator is now sitting at 1.017. It’s apparent from the chat, however, that this is not actually that high a value. According to the quant, the indicator has shown to be overheated whenever it has broken 1.03 during the recent phase of consolidation. The latest value has clearly been under this mark. As such, the rally could have more room to grow, before the profit-taking from the STHs becomes a threat. This is only assuming that the same 1.03 boundary would apply to the current market as well, since the STH SOPR had been able to visit much higher levels before Bitcoin had encountered a top in March of this year. Related Reading: “Time To Get Ready For Another Bull Run,” Bitcoin Analyst Says— Here’s Why The indicator could be to monitor in the coming days, as where it goes next could provide hints about where the cryptocurrency’s price might also be going. BTC Price Sitting at the $71,200 level, Bitcoin is now not far from surpassing the high witnessed back in June. Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

The 2024 Decentralized Knowledge Graph Convention saw experts from AI, blockchain and knowledge graphs converge to promote trust and safety in artificial intelligence.

submitted by /u/Every_Hunt_160 [link] [comments]

Bitcoin appears primed for new highs before 2025, according to numerous BTC price metrics.

Continued ETF inflows could help push Bitcoin to an all-time high, which the asset came within $200 of on Oct. 29.