There seems to be no pullback on the cards for Bitcoin, as crypto bulls have been very dominant in the market in the last 24 hours.
The crypto uptrend shows no signs of slowing down, with Bitcoin taking the lead. BTC even crossed $73,000 on October 30 before slowing down to a little below the level. Crypto bulls have dominated the price action in the last few days, and no bearish signals are visible yet. With the current crypto uptrend, a good opportunity has likely emerged for investors and traders to help BTC consolidate above $70,000.
The spot Bitcoin ETFs in the US have seen huge inflows in the same period, with millions flowing in on a daily basis. Analysts have pointed to a big accumulation of BTC in the last few days. Thus, market participants may also look towards booking profits in the near term, which may result in a correction in single-digit percentages. However, the event looks unlikely at this immediate juncture.
Other experts have also noted how BTC is going up on its own without other factors influencing it. An asset manager said Bitcoin is growing fast to be a store of value, irrespective of external reasons. However, he noted that the increasing misuse of fiat currencies by governments worldwide could boost BTC’s adoption.
Bitcoin is currently trading at around $72,300 on October 30, 2024, with BTC/USD trading higher by a margin of around 1% in the last 24 hours. Bitcoin’s market cap was trading at around $1.4 trillion in the last 24 hours.
BTC/USD is higher than its 20-day EMA (around 65,000), as BTC’s 24-hour volume was at approximately $52 billion. The global crypto market cap increased by around 1%, trading above $2.4 trillion. BTC’s year-to-date returns are above 72%.
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