A sharp crypto surge on October 29 happened across the market following Bitcoin’s rally to $70,000 after a long period of time.
A crypto surge starting on October 29 has led to Bitcoin breaking free of its resistance zone below the level. After days of trading in a tight zone, BTC seems set to attempt to consolidate above $70,000 once again. The crypto market rally has renewed hopes for a long-drawn rally this time, with most analysts and experts affirming it. In the near term, signals for a bearish resurgence seem negligible.
For instance, a leading crypto exchange published a report on the crypto market rally recently. It noted how the current conditions were suitable for a crypto market rally. The looming US elections was another factor to consider, it said.
The market report mentioned, “The convergence of election uncertainty, the ‘Trump trade’ narrative, and favorable Q4 seasonality create a perfect storm for Bitcoin, promising an exciting period ahead regardless of noisy price movements heading into the election in two weeks’ time.”
At this juncture, BTC was trading above $71,000, with bulls showing no signs of a slowdown. A further rally in the next two days could make it possible for BTC to finish the month with double-digit gains. Its returns in 2024 have already figured as one of the best among other investment assets globally.
BTC/USD 1D price chart
Bitcoin is currently trading at around $71,000 on October 29, 2024, with BTC/USD trading higher by a margin of around 1.8% 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 $47 billion. The global crypto market cap increased by around 3.8 %, trading above $2.4 trillion. BTC’s year-to-date returns are above 69%.
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