Bitcoin almost came close to touching $70,000 over the weekend, keeping the crypto market rally robust with positive signals.
The crypto market’s price action has broadly stayed on course on the upper circuit, with major support from Bitcoin. A BTC price rally almost took it to $70,000, but it then faced strong resistance. However, its firm support at $68,000 has kept sentiments bullish for the current crypto market rally.
At this juncture, BTC is sitting on seven-day gains of around 8%. The same is the case with ETH, which is trading above $2,700. Meanwhile, SOL has gone up by 11% in the last week. The optimistic price action in altcoins has also contributed to the improving crypto indicators.
A few crypto indicators have worked in BTC’s favor in the last two days. First, it is trading much higher than its 20-day moving average, which may hint at an advantage for bulls. Second, even with the psychological resistance at $70,000 pushing back BTC, bulls haven’t lost much ground. They can still gather strength and bounce back.
Moreover, open interest in Bitcoin derivatives continues to rise, as analysts have noted. In the week ahead, this key signal could assume an important space for the crypto market’s movements. Macroeconomic indicators have also been more or less stable in the context of the market’s movements.
BTC/USD 1D price chart
Bitcoin is currently trading at around $69,000 on October 21, 2024, with BTC/USD trading higher by a margin of around 0.5% in the last 24 hours. Bitcoin’s market cap was trading at around $1.3 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 $24 billion. The global crypto market cap increased by around 0.6%, trading above $2.3 trillion. BTC’s year-to-date returns are above 63%.
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