30s Summary

Bitcoin’s value surged to a monthly high of $68,400 on October 16, after a volatile period marked by a 3.41% drop on October 15. Observers are watching closely as Bitcoin is currently in a range considered critical for breaking its ongoing downtrend. Traders anticipate Bitcoin will stabilize between $95,000-$75,000 after crossing the $70,000 mark. Despite short-term pricing fluctuations, on-chain data reports a significant increase in user activity, signaling a possible steady rise in value in the long run. Bitcoin’s market dominance has reached a three-and-a-half-year high, generating considerable interest in its future trajectory.

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Bitcoin’s value peaked on October 16th, reaching a new monthly high of $68,400. This is big news since it shows an increasingly high trend in the crypto market. This surge was quickly followed by a drop of about 3.41% on October 15th. Bitcoin’s game is pretty strong, even outside of pricing. Their on-chain data (think of it like the Bitcoin’s pulse) is showing some positive changes, with active addresses showing a boost in demand and user activity.

Bitcoin’s price has been dancing around the $70,000 mark, which is causing some chatter among market watchers. They’re figuring out if this could lead to a sudden drop in price or interrupt the tumble Bitcoin was experiencing over the previous six months.

After hitting a record high of $73,881 back in March 2024, the value of Bitcoin has been in a bit of a slump, bouncing between higher and lower lows within a pattern market buffs call a descending broadening wedge. Right now, this is the fourth time Bitcoin’s trying to break out of this downward trend, and if it succeeds, it could really shake up the market.

Not too long ago, Cointelegraph mentioned a certain critical range for Bitcoin, between $68,300 and $67,300. For Bitcoin to disrupt its ongoing downtrend, it needs to turn this range into its base camp, so to speak. Veteran trader, Peter Brandt, agrees with this range, saying Bitcoin is currently ‘in the window’. He asks, “Will Bitcoin escape through the window or have the window slammed on its head?”

BitQuant, another experienced trader, reckons that once Bitcoin crosses the $70,000 mark, it’s going to take a breather and hover between $95,000-$75,000 for a while.

While Bitcoin’s pricing could have a bit of a roller coaster ride in the short term, positive on-chain stats suggest a steady ascent over the long run. Bitcoin has seen a marked rise in active addresses since early September. This indicator (lasting active addresses) is a good sign of growing user activity and demand, both good news! Experts at Cryptoquant explain, “Historically, active user participation has been a crucial factor in every growth cycle, suggesting that demand is returning to the network.”

Bitcoin’s dominance in the crypto market has grown to an impressive three-and-a-half-year high. Following a bit of a rocky start to October, the positive buzz around the world’s largest crypto asset continues to grow. So folks, keep an eye on Bitcoin; it seems to be up to something!

Source: Cointelegraph