Will Bitcoin Break Through $65K After Its Recent Surge?
- Bitcoin (BTC) climbed from a low of $60,548 to a high of $63,400, currently trading around $62,656.
- The global cryptocurrency market rebounded with a 2.92% increase to $2.92 trillion.
The global cryptocurrency market saw a notable rebound early Saturday during Asian trading hours, recovering from previous lows with the total market cap rising approximately 2.92%. This surge was largely driven by Bitcoin (BTC), which displayed an uptick of 4.71%. In the last 24 hours, BTCs price fluctuated from a low of $60,548 to a peak of $63,400 before slightly retracing to $62,656, with daily trading volume hitting $30.33 billion.
Following a volatile week, investor sentiment appeared resilient as concerns over rising inflation eased, allowing attention to shift toward a crucial fiscal policy update from China. Bitcoins price had already climbed 7.59% from Thursdays low of around $58,930, breaking the trend of previous days where gains were often turned over during U.S. trading hours.
Additionally, recent U.S. Consumer Price Index (CPI) figures came in lower than anticipated, while the SECs ongoing enforcement actions against crypto firms have added to market unease.
Analyzing Bitcoins Recent Price Fluctuations
As of now, Bitcoin remains well below its all-time high of $73,750, which was set in March. It had been approaching the $67,000 mark at the end of September but has remained volatile, oscillating between the $64,000 and $59,000 levels for the past three weeks.
Further, over the past week, Bitcoin displayed sharp volatility followed by swift pullbacks. It notably moved within defined ranges above $63,000 and below $60,000. The most significant price movement occurred between October 6 and 7. During this period, BTC reached $64,443 before a sharp selloff pushed it back into a downward trend.
Nevertheless, technical indicators suggest bullish momentum for Bitcoin, with both the MACD and signal line indicating potential upward movement. Additionally, BTC has an RSI of 57, indicating moderate buying pressure and a neutral market position. As a result, Bitcoins price may rise to $64,500. If it stabilizes and exceeds $65,000, it could lead to further increases above $66,000.
According to Bitcoin price prediction, in 2024, it has been trading within several key ranges. Notably, these ranges include $71,700 to $68,800, as well as $65,400 to $53,900.
Read more: https://thenewscrypto.com/will-bitcoin-break-through-65k-after-its-recent-surge/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
