A market in euphoria?- While the price of Bitcoin recently touched $35,000, some operators are wary of the ambient euphoria. This is the case of Cathie Wood, the founder of the Ark Invest fund, who decided to take profits on Coinbase and Bitcoin.
Still far from the bull markets as we experienced in 2021, the bullish volatility recorded recently brings back good memories for cryptocurrency enthusiasts. The price of Bitcoin evolves around $34,000. Is a break coming?
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The price of Bitcoin shows an increase of 20% in one week
While there is always no spot Bitcoin ETF validated by the SECTHE Bitcoin price shows himself very solid since a few weeks. He stagnates in 24 hoursbut it displays a increase of almost 20% in one week :
In one month, the course climbs 30%. BTC is solid, it benefits from thecapital inflow. Indeed, the pair BTC/ETH climbs 1.6% in 24 hours and more than 15% in one month.
The price of Bitcoin liquidates the bears
October 23 marked the BTC price returns to $35,000. A violent increase which liquidated many shorts. This day was the largest in terms of short liquidations since the end of July. In fact, almost $280 million in liquidations were recorded on the sellers’ side:
On this bloody day for sellers, Bitcoin alone recorded, $160 million in liquidations. Yesterday, the market also liquidated many operators. In fact, there were short liquidations amounting to $150 millionof which 70 million dollars on BTC. Volatility is back on cryptocurrencies!
The upward trend is relaunched on the price of Bitcoin
THE uncertainties in the approval of spot Bitcoin ETFs allowed BTC to leave your range zone. Indeed, BTC oscillated between resistance at $31,000and the level of support located at $26,000. The buyers have won the battle, since the price develops above $31,000 :
Buyers must now do everything to prevent the price from returning to its range. For this, it will be necessary to defeat resistance at $35,000 which is currently slowing down the course. A break of this level would allow the price to be able to open the doors of $38,000. On the other hand, if the price begins to re-enter the range, the sellers could benefit from it. The RSI broke the bearish trendline and this brought bullish volatility. THE buyers have their hands on momentum.
The price of Bitcoin has recently experienced strong upward volatility, and the market has seen numerous short liquidations. The day of October 23 was the day that recorded the most sales liquidations since the end of July. Thanks to this increase, the price of BTC regains an upward dynamic with ascending troughs and peaks. The buyers’ aim is to hold the support around $31,000 and break the resistance at $35,000. In a context where operators are awaiting approval of a spot Bitcoin ETF, a CFTC commissioner indicates that the traditional market is ready to integrate new products related to cryptocurrencies.
Closer to Bitcoin news
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