30s Summary

Bitcoin’s value hovered below its all-time high on October 30, with the market remaining calm. The cryptocurrency’s price reached $73,500 a day earlier, and traders are currently eyeing the $71,000 mark as the new support level. Analysts wait for weekly end figures to get a clearer picture of Bitcoin’s strength. Meanwhile, trading firm QCP Capital expressed optimism for Bitcoin’s future, given current geopolitical and economic trends. The funding rates remain neutral, despite Bitcoin reaching an all-time high, while enthusiasm from retail investors lag behind the price surge.

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On October 30, Bitcoin’s value hung just below its all-time high as the market stayed surprisingly calm. The day before, the Bitcoin price topped out at $73,500, but then things cooled down a bit.

Right now, Bitcoin’s behavior is giving market watchers a chance to verify its new support level, and it seems like the $71,000 mark is holding steady. According to well-known trader Daan Crypto Trades, Bitcoin has beaten almost every major low point from this year, except for the all-time high.

Breaking it down further, trader and analyst Rekt Capital explains that we’ll get a clearer picture of Bitcoin’s strength from the weekly end figures. At the moment, Bitcoin could be exceeding the upper bound of the accumulation phase. However, to start a surge, Bitcoin needs to close out the week above that range high.

QCP Capital, a trading firm, has been keeping a close eye on Bitcoin’s performance over the couple of days when it saw an over 8% rise and broke the $73k mark. The company is optimistic about Bitcoin’s future given current geopolitical and economic trends, coupled with the possible win of crypto-supporting presidential candidate Donald Trump.

While we’re all marveling at Bitcoin’s current performance, Byzantine General, a popular commentator, has noted that the funding rates are surprisingly remaining neutral, despite Bitcoin being at its all-time high. Information from CoinGlass backs up this observation, with the biggest worldwide exchange – Binance – staying essentially even.

Another update to keep tabs on is the lack of enthusiasm from retail investors, despite the monster Bitcoin price. Crypto analyst Miles Deutscher notes that interest from these regular folk who trade isn’t matching the price surge. He believes that Bitcoin could soar even higher because of this.

Source: Cointelegraph