Following today’s rebound, Bitcoin price is now aiming to retest its all-time high next, around $72K, before entering its parabolic phase.
Bitcoin BTC $112 270 24h volatility: 2.5% Market cap: $2.24 T Vol. 24h: $31.77 B price opened the third week of October in a bullish outlook, which trickled down to the rest of the altcoins. The flagship coin, with a fully diluted valuation of about $1.35 trillion and a daily average traded volume of around $28.3 billion, surged 3 percent in the past 24 hours to trade about $64,664 on Monday, October 14, during the mid-London session.
Today’s Bitcoin pump resulted in a 2 percent spike in the total crypto market cap, which hovered around $2.35 at the time of this report. As a result, nearly $200 million was liquidated from the total crypto market, mostly involving short traders.
October’s Bullish Sentiment Signals Further Gains for Bitcoin
After teasing below $59K last week, Bitcoin price is now on the cusp of the much-awaited rally beyond $100K in the coming quarters. Despite being trapped in a bearish consolidation for the past seven months, Bitcoin’s price has already established a solid support level of around $54K.
From a technical standpoint, Bitcoin price needs to convert the resistance range between $64.5K and $66.5K to a support level to ensure bullish momentum ahead.
According to veteran trader Peter Brandt, Bitcoin price must consistently close above the July high of about $69.7K to invalidate potential bearish pressure towards $48K. Furthermore, Bitcoin price has been forming lower lows and lower highs in the past seven months, despite the approval of the US spot BTC ETFs.
Historically, Bitcoin price has performed well in the fourth quarter, catalyzed by the Uptober narrative in October. As a result, Bitcoin price could be well positioned for a bullish trend ahead, potentially to a new all-time high.
#Bitcoin is heading for its Biggest Breakout 📈, $100k Closer and Sooner than you think 🚀 pic.twitter.com/oEOpPRZw95
— Coin Signals (@CoinSignals_) October 14, 2024
Forces behind BTC Pump
The recent Bitcoin price pump has been in the making for the past three months, fueled by rising demand from institutional investors led by MicroStrategy Inc (NASDAQ: MSTR). According to market data provided by CoinGlass, the overall supply of Bitcoin on centralized exchanges has continued to decline exponentially in the recent past.
In the past five weeks, the US spot Bitcoin ETF issuers have purchased BTCs worth around $2 billion. Thus majorly aborning any selling pressure emanating from the Bitcoin miners.
As Coinspeaker previously explained, Bitcoin price will eventually mimic gold’s bullish breakout, which has also impacted other precious metals and major stock indexes.
The crypto market has been responding to the recent Fed rate cut, which accelerated the ongoing global economic shift. In addition to the worsening geopolitical situation in the Middle East and between NATO and Russia, the demand for Bitcoin and other digital assets will continue to rise.
Meanwhile, the 2024 US election is about three weeks from happening, which has historically triggered a crypto-bullish outlook.
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