Mitrade Insights is dedicated to providing investors with rich, timely and most valuable financial information to help investors grasp the market situation and find timely trading opportunities.

2021

Best News & Analysis Provider

FxDailyInfo

2022

Best Forex Educational Resources Global

International Business Magazine

Insights

News

Cryptocurrencies

Bitcoin Price Hits $63,000 – Is The Market Set For Takeoff?

Source Newsbtc

According to data from CoinMarketCap, Bitcoin (BTC) gained by 4.08% in the last 24 hours as it briefly traded above the $63,000 price mark. Notably, this price rise comes following a decline that saw the market leader trade below $59,000 on Thursday. While the market sentiment is currently bullish, certain conditions are needed to procure an actual bullish breakout.

Bitcoin On The Brink Of Short-Term Bullish Run

Following Bitcoin’s price ascent to around $62,000 on Friday, CryptoQuant analyst with the username Yonsei_dent shared a key insight on the asset’s potential price movement.

In a Quickake post, Yonsei_dent highlights $62,700 to be the key price level for short-term holders i.e. $62,700 represents the average price at which many short-holders acquired Bitcoin, which the analyst states has remained consistent for the last three months.

Therefore, this presents a critical price level for BTC, a movement above which signals a change in a market shift and can spur buying activity from short-term holders. However, Yonsei_dent notes that Bitcoin needs to rise above $63,000 to initiate a significant bullish momentum over the coming weeks.

Since this price commentary, Bitcoin has traded above $63,000, albeit temporarily before retracing to around $62,300. This brief breakout can be traced to a lack of significant trading volume, a condition critical to the short-term bullish breakout deceived by Yonsei_dent.

Currently, Bitcoin’s trading volume is valued at $30.75 billion, however, reflecting only a minor 2.94% gain in the last 24 hours. If the price of BTC returned above $63,000 with a marked increase in trading activity, the premier cryptocurrency could rise to around $67,000, at which lies its next significant price resistance level.

Bitcoin Approaches Critical November

In contrast to popular sentiments, Bitcoin has so far experienced a rather tumultuous experience in October. And while the crypto market leader may eventually pull off an “Uptober”, November is shaping up to potentially provide the needed bullish drivers for the BTC market. Firstly, investors expect the Federal Reserve to implement a 25 basis points cut which would avail more liquidity for volatile assets such as Bitcoin.

Furthermore, the upcoming US elections have also gained significant influence in the crypto market with digital asset regulation becoming a major policy discussion. If pro-crypto Republican candidate Donald Trump secures victory over Vice President Kamala Harris, analysts are hopeful the Bitcoin bull run will finally take off.

At the time of writing, Bitcoin trades at $62,697 reflecting a 1.07% gain in the last week.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

Recommended Articles

October hike odds climb toward 60% as Goldman and BofA both flip — what Warsh's "dose of accommodation" really changed Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Author Irene Q.

Sep 23, Wed

Rate futures now price roughly 55% to 62% for a 25bp hike at the October 27-28 FOMC, up from about 30% before Chair Warsh's post-meeting framing that the Fed is merely "removing some accommodation." Goldman Sachs has added an October hike to its forecast and Bank of America now sees moves in both October and December. Here is the repricing, the language behind it, and the two data points that decide it.

Four jobs reports in five days: what JOLTS, ADP, claims and the September payrolls mean for the October Fed decision The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Author Mitrade

Sep 28, Mon

The US labour market faces its densest data week of the month. JOLTS job openings land Tuesday (7.2 million expected), ADP on Wednesday (70,000 expected), initial claims on Thursday and the September non-farm payrolls on Friday (100,000 expected, down from 162,000). Markets price a 64%-70% chance of another quarter-point Fed hike on October 28. The dollar index sits at 100.77 and the S&P 500 at 7,729.8.

Nvidia's $150 billion buyback landed — and the AI sector fell anyway. That's the signal worth trading Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

Author Irene Q.

Sep 29, Tue

Nvidia closed up 1.68% at $228.86 on 28 September after announcing a $150 billion share repurchase authorisation, the largest single corporate buyback on record, while the rest of the AI complex sold off: AMD -3.6%, Micron -2.6%, Meta -4.8% and the Philadelphia Semiconductor Index -1.61%. The divergence is not noise. Capital is rotating toward cash-flow certainty, not abandoning the AI theme. With Micron reporting after the close on 30 September, here is what the split means.

【Daily Brief】30-year Treasury tops 5.59%, S&P 500 slips to 7,670 and gold holds $4,180 — PCE lands tonight The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Author Suzie

21 hours ago

The 30-year Treasury yield closed at 5.59%, its highest since June 2002, and the Dow fell 131.59 points to 51,349.92. US consumer confidence dropped to 81.9, a 12-year low, and JOLTS job openings fell to 7.1 million. August PCE and Q3 GDP both land at 8:30am ET tonight.

Gold falls to near $4,150 as higher Treasury yields, oil prices outweigh softer PCE inflation Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Author FXStreet

2 hours ago

Gold price (XAU/USD) tumbles to near $4,150 during the early Asian session on Thursday, pressured by elevated US Treasury bond yields. Traders await the US September employment data for fresh impetus, which will be released later on Friday.

Popular Symbols