With little volatility over the last 24 hours, Bitcoin’s price trajectory has been signaling a pause in its uptrend in the near term, but a dip also looks unlikely.
The overall crypto outlook has been neutral since October 8, mainly led by Bitcoin’s price trajectory. The latter has remained stuck in a narrow price range and may continue to do so. Bitcoin’s support level has hovered around $61,000, while the resistance zone has formed around $63,000.
Since hitting its all-time high in March 2024, BTC has settled in a broad range between $50,000 and $70,000. Optimism in the current crypto outlook also stems from BTC’s repeated recoveries from its lows amidst uncertain triggers from the global economy. In fact, crypto as an alternative investment asset has become even more popular this year. Inflows into the spot Bitcoin ETFs have surged in 2024.
Meanwhile, these inflows have been mixed in the last few days. While October 7 saw over $200 million in inflows, the next day witnessed outflows of around $58 million.
At the same time, the spot ether ETFs have failed to renew positive sentiments in the price of ETH. It has been oscillating around $2,500 for months, with the absence of a long-drawn rally. Over the last week, ETH has seen a dip of around 2%. Only a short rebound to $2,600 could help it gather strength for consolidation.
BTC/USD 1D price chart
Bitcoin is currently trading at around $62,300 on October 9, 2024, with BTC/USD trading higher by a margin of around 0.2% in the last 24 hours. Bitcoin’s market cap was trading at around $1.2 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (around 61,700), as BTC’s 24-hour volume was at approximately $27 billion. The global crypto market cap decreased by around 0.2%, trading above $2.1 trillion. BTC’s year-to-date returns are above 48%.
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