30s Summary

Bitcoin reached a near record high of $68,000 with investors betting on a continued price rise despite market volatility. Material Indicators reports avid buying activity with next focus set at $70,000. Michaël van de Poppe, a crypto trader predicts Bitcoin could reach $90K by year end. Concurrently, the US dollar also climbed, breaking the usual pattern of inverse relation. The crypto community anticipates significant changes if DXY surpasses major benchmarks.

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On October 16, Bitcoin (BTC) neared $68,000, hitting the highest levels we’ve seen in the past 11 weeks. Info from Cointelegraph Markets Pro and TradingView shows that Bitcoin’s value is back on the up, bouncing back from a phony upward trend caused by leveraged trading the previous day. There’s been some weird stuff happening though, and expert trader Skew has even called out some sneaky activity in the Binance spot market.

Under $67,000, long-term bets on rising prices in the futures market look super risky and could totally crash. But there’s still lots of people buying in, especially around the start of the New York trading day on Binance and Bitfinex. It’s like they’re copying moves from the previous day!

Data from Material Indicators have also shown both big-time and everyday investors are buying up Bitcoin like crazy. They posted, “Bid prices are stacking above $66k and $70k is next on the list. Do the bulls have what it takes to make a lasting run at all-time highs?”

Some people think that the sellers will back down in the face of a bull market comeback. One of them is Michaël van de Poppe, a crypto trader and businessman, who says it’s only a matter of weeks until we see all-time highs for Bitcoin prices. He projected, “The trend has switched. I think within the next 3-4 weeks we’ll see Bitcoin break the all-time high and likely hit $90K before the end of the year”

Interestingly, the value of Bitcoin and the US dollar climbed at the same time, breaking the usual pattern where one goes up and the other goes down. This comes as the US dollar index (DXY) hit 103.45, the highest it’s been since August 8, which was also a day Bitcoin saw a significant increase of nearly 12%.

Comments on social media suggest people are kinda worried about what this means. Max Price, a popular trading account, predicted, “The monster is back. The DXY could soon surge past every major benchmark”. If it hits 110 or more within a relatively short time, Bitcoin might be exiting on a high, but that’s just one theory.

Remember: investing can be risky! Always do your research before putting your money into something, including Bitcoin.

Source: Cointelegraph