Why Bitcoin Price is Up Today? Will October’s Bullish Momentum Continue?

The worth of Bitcoin (BTC) rose 5 p.c up to now 24 hours, rising above $71,000 for the primary time since early June this yr. The flagship coin is now retesting the essential resistance vary between $71,000 and $73,000, the all-time excessive (ATH) reached earlier this yr.

Bitcoin’s notable value spike over the previous 24 hours additionally impacted the altcoin business, resulting in a 3 p.c enhance in crypto’s complete market capitalization to roughly $2.51 trillion on Tuesday, October 29, throughout the early Asian session. Because of this, greater than $241 million was liquidated up to now 24 hours, largely involving quick merchants from the Binance and OKX exchanges.

Elements Fueling the Present Bitcoin Pump

Excessive demand from whale buyers amid quick squeeze impression

The present Bitcoin pump above $71,000 was closely influenced by excessive demand from whale buyers seeking to hedge towards macroeconomic uncertainties and the continued devaluation of fiat because of wars. In response to the most recent market information, Bitcoin provide on centralized exchanges has fallen by greater than 7,000 up to now 24 hours.

The US spot issuers of BTC ETFs, led by BlackRock’s IBIT, are the most important patrons of Bitcoin. On Monday, US spot BTC ETFs recorded web money inflows of greater than $479 million.

After a notable liquidation of quick merchants over the previous 24 hours, nearly all of buyers have since turned bullish, creating quick squeeze results. The rise of quick squeeze results within the Bitcoin market has since amplified the impression of whale merchants.

Choice for technical elements

In response to a preferred dealer Peter Brandt, Bitcoin value has efficiently closed above a vital bearish logarithmic pattern. Moreover, Brandt famous that Bitcoin value has confirmed a brand new uptrend after rallying above the July peak.

With the every day 50 and 200 transferring averages (MAs) forming a golden cross, Brandt is assured that the Bitcoin value is aiming for $94,000 within the close to time period.

Shifting macroeconomic prospects

As bullish October nears its finish within the subsequent 72 hours, the crypto market has gained extra confidence as momentum will increase throughout the sector. Bitcoin’s bullish momentum is attempting to observe that of gold, which is on a value pattern.

Forward of subsequent week’s 2024 US presidential and congressional elections, the crypto neighborhood’s most favored candidate, Donald Trump, has taken the lead by an enormous margin. In the meantime, most Wall Avenue analysts predict that the US Fed will lower its key rate of interest subsequent week to additional strengthen the nation’s financial prospects.