Bitcoin Price Hits $63,000 – Is The Market Set For Takeoff?
12 Outubro 2024 - 12:00PM
NEWSBTC
According to data from CoinMarketCap, Bitcoin (BTC) gained by 4.08%
in the last 24 hours as it briefly traded above the $63,000 price
mark. Notably, this price rise comes following a decline that saw
the market leader trade below $59,000 on Thursday. While the market
sentiment is currently bullish, certain conditions are needed to
procure an actual bullish breakout. Related Reading: Bitcoin Price
Crash: $1.83 Billion Makes Its Way To Exchanges, Is A Bloodbath
Coming? Bitcoin On The Brink Of Short-Term Bullish Run Following
Bitcoin’s price ascent to around $62,000 on Friday, CryptoQuant
analyst with the username Yonsei_dent shared a key insight on the
asset’s potential price movement. In a Quickake post,
Yonsei_dent highlights $62,700 to be the key price level for
short-term holders i.e. $62,700 represents the average price at
which many short-holders acquired Bitcoin, which the analyst states
has remained consistent for the last three months. Therefore, this
presents a critical price level for BTC, a movement above which
signals a change in a market shift and can spur buying activity
from short-term holders. However, Yonsei_dent notes that Bitcoin
needs to rise above $63,000 to initiate a significant bullish
momentum over the coming weeks. Since this price commentary,
Bitcoin has traded above $63,000, albeit temporarily before
retracing to around $62,300. This brief breakout can be traced to a
lack of significant trading volume, a condition critical to the
short-term bullish breakout deceived by Yonsei_dent. Currently,
Bitcoin’s trading volume is valued at $30.75 billion, however,
reflecting only a minor 2.94% gain in the last 24 hours. If
the price of BTC returned above $63,000 with a marked increase in
trading activity, the premier cryptocurrency could rise to around
$67,000, at which lies its next significant price resistance level.
Related Reading: Is The Bitcoin Bull Run Over? Top Analyst Predicts
What’s Next For Crypto Bitcoin Approaches Critical November
In contrast to popular sentiments, Bitcoin has so far experienced a
rather tumultuous experience in October. And while the crypto
market leader may eventually pull off an “Uptober”, November is
shaping up to potentially provide the needed bullish drivers for
the BTC market. Firstly, investors expect the Federal Reserve to
implement a 25 basis points cut which would avail more liquidity
for volatile assets such as Bitcoin. Furthermore, the
upcoming US elections have also gained significant influence in the
crypto market with digital asset regulation becoming a major policy
discussion. If pro-crypto Republican candidate Donald Trump secures
victory over Vice President Kamala Harris, analysts are hopeful the
Bitcoin bull run will finally take off. At the time of
writing, Bitcoin trades at $62,697 reflecting a 1.07% gain in the
last week. Featured image from Forbes, chart from Tradingview
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