Bitcoin Surges Past $73K As Bull Market Gains Momentum

2024-11-1 09:37

Bitcoin’s recent performance has been impressive, with its price climbing over 8% to break the $73,000 mark.

This rally has been fueled by factors like strong inflows into spot ETFs, renewed monetary easing across major economies, and growing optimism for crypto-friendly policies under a potential Donald Trump presidency.

QCP: The price action for Bitcoin has been nothing short of remarkable this couple of days, rising over 8% and breaking the $73k level. The robust inflow into spot ETFs, fresh monetary easing cycles across major economies, and increasing odds of victory for crypto-friendly…

— Wu Blockchain (@WuBlockchain) October 30, 2024

A key factor driving this bull market is the shift towards leveraged bets, with more Bitcoin now being deposited into futures exchanges rather than spot exchanges.

This trend suggests rising demand for BTC derivatives, reflecting a surge in market interest and a revival from the stagnation that followed earlier in the year. Bitcoin demand has now returned to levels last seen in February, signaling renewed momentum that could support an extended bull phase.

$BTC demand is bouncing back, shaking off the stagnation and even negative demand that followed the early-year spike.

Now matching February's levels, this revival hints at a fresh upward trend in BTC interest and market momentum. pic.twitter.com/6yiqY8PYHt

— Kyledoops (@kyledoops) October 30, 2024

Is Bitcoin’s Next Peak At Over $170,000?

At $72,000, some may worry about late entry into the market. However, historical patterns point to more upside potential. Bitcoin’s MVRV Ratio recently crossed above its 365-day SMA, often a strong indicator of bull market rallies.

Based on previous cycles, Bitcoin has peaked within the 1.618 to 2.272 Fibonacci retracement levels, hinting that the next peak could be anywhere between $174,000 and $462,000.

In past bull cycles, #Bitcoin has peaked between the 1.618 and 2.272 Fibonacci retracement levels. Following a similar pattern, the next $BTC top could land between $174,000 and $462,000! pic.twitter.com/KUq51Tt57z

— Ali (@ali_charts) October 30, 2024

Bitcoin’s spot ETF market is also making history, with its net asset value reaching $72.545 billion, representing 5.07% of Bitcoin’s total market cap—the first time this percentage has been surpassed. On October 29, spot ETFs saw a net inflow of $870 million, the third-highest single-day inflow on record. BlackRock’s IBIT ETF led with $643 million, while Fidelity’s FBTC added $134 million.

The total net asset value of the Bitcoin spot ETF is US$72.545 billion, and the market value of the ETF's net assets accounts for 5.07% of the total market value of Bitcoin, which is the first time in history that it has exceeded 5%. On October 29, the total net inflow of the… https://t.co/oE2Omni2LX

— Wu Blockchain (@WuBlockchain) October 30, 2024

As institutional investment and market enthusiasm grow, Bitcoin appears poised for sustained upward movement, hinting that this rally may only be the start of a much larger bull run.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: designer491/123RF // Image Effects by Colorcinch

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bitcoin monetary easing across major renewed inflows

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