30s Summary

Bitcoin surged 5% on October 29th, reaching the 20-week high of $71,500. The rise significantly increased trading volume and liquidated over $78M of short bets. Despite encountering resistance near the $72,000 mark, analysts suggest that decisively closing above this point could enable Bitcoin to exceed its $74,000 record. Optimistic speculators even consider the possibility of figures reaching into six digits following Bitcoin’s impressive performance.

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Hey folks! Bitcoin’s price was up 5% on October 29th, smashing past $70,000 – which has got everyone buzzing with excitement about where BTC could go next.

According to info from Cointelegraph Markets Pro and TradingView, Bitcoin bumped up from a humble $67,541 on October 29 to an exciting 20-week high of $71,500 by the end of the day. Impressed? That’s not all!

Bitcoin’s big step up also created a whopping 148% leap in trading volume, with figures dancing around the $47.5 billion mark when the day closed. This nearly doubled the amount of trading seen the previous day, which is pretty wild if you ask us.

In other news, over $78 million of short bets were liquidated in the past 24 hours. As traders rushed to close losing bets, it probably helped boost Bitcoin’s positive price spike.

With all this bubbling excitement, Bitcoin has flipped some key points into potential strong support, specifically the $70,000 territory.

Bitcoin analyst Jelle mentioned one last challenge, or “hurdle” before Bitcoin could start setting some new records. This significant point lies between the $72,000 mark and the highest amount ever achieved, which stands at $73,835.

Amber_D, another analyst, noticed Bitcoin trading above $71,000 and mentioned that BTC is on its way back to this tough resistance zone – around $71k – $73k.

Interestingly, the resistance that Bitcoin is currently facing seems to be weaker than the support it’s got at lower prices. Basically, the path of least resistance points upwards which is a good thing for Bitcoin. Consequently, if Bitcoin manages to decisively close above the $72,000 mark, it could potentially soar above the all-time high of $74,000 that was set in March 2024.

What’s more, some experts even believe a Bitcoin price breakout could result in figures reaching over six digits! After Bitcoin’s promising performance on October 28, lots of analysts have been speculating on where the BTC price could go.

All this optimism paints a bright future for Bitcoin. Of course, remember that investments involves risks, so always make sure to do your research before making any big decisions. Happy investing!

Source: Cointelegraph