Bitcoin Price Analysis: BTC Nears All-Time High As BTC ETF Inflows Soar And This PEPE 2.0 ICO Barrels Toward $24M
Release: 2024/10/30 19:09 Reading: 524
Bitcoin Price Surges, Targets Potential Upside
The Bitcoin price has experienced a 2% surge in the last 24 hours, reaching $72,146 as of 04:24 a.m. EST, with trading volume increasing by 10% to $52.16 billion.
On October 29, BTC reached a peak of $73,577, just below its all-time high of $73,750 set in March. According to CoinGecko, Bitcoin has seen an impressive 111.8% increase over the past year, starting at around $42,000 in early 2024.
US spot BTC ETFs (exchange-traded funds) experienced significant inflows on Tuesday, surpassing $870 million, marking the third-highest inflow since their launch. BlackRock's IBIT led the way with an influx of $629 million.
Bitcoin Price Bulls Look to Maintain Momentum
The Bitcoin price has established an upward trend within a channel defined by two orange lines. This channel, starting around August, indicates a bullish trend with higher highs and higher lows, suggesting increased buying pressure.
On the 1-day chart, BTC/USD is trading near the top of this channel at around $71,000, which serves as a resistance level. According to GeckoTerminal data, a breakout above this level could lead to further bullish momentum.
Bitcoin's price is currently trading above both the 50-day and 200-day Simple Moving Averages (SMAs), confirming the current bullish stance.
The Relative Strength Index (RSI) stands at 69.33, approaching the overbought level of 70. This suggests that BTC is nearing an overbought condition, which may trigger a short-term pullback or consolidation. However, if it crosses above 70, it could indicate strong bullish momentum, carrying the risk of an eventual correction.
The Moving Average Convergence Divergence (MACD) line (blue) is positioned above the signal line (orange), and both lines are above the zero line, reinforcing a bullish signal.
BTC Price Analysis: Potential Targets and Support Zones
BTC's current trend remains bullish. The bulls aim to build on the support provided by the SMAs and positive signals from indicators such as the RSI and MACD. If the price can break above the $73,000 resistance with strong volume, it could signal a continuation of the uptrend, potentially reaching targets near $80,000 or higher.
Alternatively, the dotted lines around $61,359 and $56,405 represent significant support zones. They indicate levels where the price previously consolidated, making them potential pullback areas if the price corrects from current levels.
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