At the time of writing, Bitcoin is trading at $68,461, steadily making higher peaks. Following its recent test of $69,000, we haven’t seen a major pullback, which is a highly positive sign for the market. This steady movement fuels optimism for those expecting further gains as we approach the end of October.
Crypto Market Expert Insights
Over the weekend, Bitcoin has consolidated at higher levels, and the market sentiment is more positive compared to previous months. Despite the last significant pullback, Bitcoin didn’t reach new lows and is now once again nearing the $69,000 mark after 80 days. Analysts from QCP Capital shared their latest insights on the current situation:
“This week has been exciting for crypto. Bitcoin has risen 10.48%, reaching $69,000 and bringing the psychological $70,000 level into view. Will this rally continue next week with no major macroeconomic data releases?”
BTC exchange-traded funds (ETFs) saw significant inflows throughout the week. On Friday alone, there was a $203.3 million inflow, capping a six-day winning streak. The steady inflows into ETFs indicate continued strong institutional demand.
With the SEC’s approval of BTC ETF options for listing on the NYSE, analysts believe that this will provide the liquidity needed to attract sustainable inflows to these funds.
Currently, Bitcoin dominance sits at 58%, its highest level since April 2021. As it approaches the key resistance of 60%, analysts believe this sets the stage for a strong recovery in Layer 1 coins.
Global Economic Factors at Play
In Japan, inflation continues to ease, with headline inflation falling from 3.0% to 2.5%. Market expectations suggest that the Bank of Japan (BOJ) will not raise interest rates anytime soon, which is contributing to a rally in the USD/JPY, now trading below 150.
Meanwhile, U.S. equities remain close to all-time highs, and the Japanese yen is showing signs of further weakening. As the U.S. election approaches, risk sentiment is expected to strengthen, which could push risk assets like Bitcoin even higher and reinforce the “Uptober” narrative.
What Should Crypto Investors Do?
Analysts point out that despite Bitcoin’s rise, Ethereum (ETH) has not yet reached the desired levels, presenting a potential buying opportunity. Furthermore, growing interest in Real-World Assets (RWA) is leading to increased use of the Ethereum network by trillion-dollar asset managers.
“While Bitcoin is only 7.9% away from its all-time high, Ethereum is still lagging, trading 45% below its peak. With the foundation for growth improving, yields may become more attractive moving forward.”
Stay tuned to Dey There for the latest updates on Bitcoin, Ethereum, and other top cryptocurrencies as market conditions evolve.
Bitcoin, Ethereum, crypto market, BTC ETF, Layer 1 coins
+ There are no comments
Add yours