As a seasoned researcher with years of experience in the cryptocurrency market, I can’t help but feel a sense of deja vu when observing Bitcoin’s current price action. The calm market response to reaching all-time highs is reminiscent of similar scenarios we’ve witnessed before. Yet, the difference this time around is striking – the flat funding rates and the absence of retail interest.
On October 30, Bitcoin (BTC) curled beneath its record peaks, leaving analysts bewildered by the tranquil market response.
BTC price offers welcome support retest near $72,000
According to data from both CryptoMoon Markets Pro and TradingView, it appears that the upward momentum of Bitcoin’s price has slowed down following its peak at approximately $73,500 on Bitstamp the previous day.
At the point of writing, the price level of $71,000 remained untouched following the consolidation period, a development that was generally viewed favorably by traders as an opportunity to strengthen their recently reclaimed support.
In simpler terms, “Cryptocurrency trader Daan Crypto Trades noted that Bitcoin has surpassed all its significant low points from this year, except for the record high. It got very close but hasn’t managed to break it just yet.
“Honestly better it rejects before to make an equal high vs sweeping it. As this way it’s more likely it will go for that high at another point.”
Looking at a weekly perspective, Rekt Capital, a trader and analyst, stated that the closing price this week will offer vital insights regarding the power behind the recent fluctuations in Bitcoin’s value relative to the U.S. dollar.
He explained to his X followers that Bitcoin might extend a bullish candlestick pattern beyond its current peak, which is the highest point within the ongoing accumulation phase that started after the March all-time highs.
“Still early on in the week, so lots can still change. Bitcoin needs a Weekly Close above the Range High to kickstart the beginning of a breakout.”
As a researcher, I’m currently focusing on the trajectory of Bitcoin, and I find myself in agreement with QCP Capital’s assessment. They’ve pointed out the impressive performance Bitcoin has shown so far, and I can see why. Moreover, they’ve highlighted geopolitical and macroeconomic factors that could potentially propel Bitcoin further. These tailwinds, as they call them, are intriguing and worth exploring in greater depth.
Over the past few days, the price movement of Bitcoin has been truly impressive, surging by more than 8% and reaching an all-time high of around $73k, as shared in its recent update sent to Telegram channel members.
“The robust inflow into spot ETFs, fresh monetary easing cycles across major economies, and increasing odds of victory for crypto-friendly presidential candidate Donald Trump have been positive catalysts.”
Moreover, the forthcoming U.S. unemployment figures, the Federal Reserve’s decision on interest rates, and the financial reports of tech companies may also significantly influence the current situation.
Flat funding rates, retail absence shock Bitcoiners
In contrast to the market conditions back in March when Bitcoin surpassed $73,000, some analysts are emphasizing just how stark the differences are now.
According to Byzantine General, “Bitcoin ($BTC) is currently reaching an all-time peak, and this is what we’re seeing in terms of funding rates.
“If you told me a year ago that funding would be neutral at ATH I wouldn’t have believed you.”
The data from resource CoinGlass, which we’re currently tracking, shows that funding rates were slightly positive, but almost negligible, during the time this was written. It’s important to note that the largest global exchange, Binance, was nearly neutral in this context.
Moving forward, crypto analyst Miles Deutscher highlighted a lower-than-expected level of retail participation in cryptocurrency trading, based on the high number of downloads for the app of the leading U.S. exchange, Coinbase, on the Apple App Store.
“Price is the EXACT SAME, but retail isn’t back (at all),” he concluded on X.
“It’s scary how much higher we’re going.”
Previously, our source, CryptoMoon, detailed a study that assessed Bitcoin’s performance during bull and bear markets by examining the placement of the Coinbase application.
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2024-10-30 19:44