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The Bitcoin (BTC) price surged to the $70,200 range on Monday on Coinbase, according to TradingView, reaching its peak since June.
Although the Bitcoin price has retraced to the high $69,000s as of early Tuesday trading, the bulls appear to dominate the market.
Pro-crypto Republican Presidential candidate Donald Trump continues to be the leading favorite in the betting market for the US presidential election scheduled for November 5th.
Trump’s odds have risen to 66% with just a week remaining until the election. pic.twitter.com/o8hcbNVyWv
— Polymarket (@Polymarket) October 28, 2024
In the meantime, the risks seem to be leaning towards a reduction in tensions between Israel and Iran – Israel’s recent strike (in retaliation to a missile attack from Iran earlier in October) did not target nuclear sites or refineries, allowing Iran the opportunity to de-escalate.
These favorable conditions have supported crypto prices and US equities, despite a recent increase in US treasury yields ahead of a wave of US economic data set to be released this week.
Investors are hoping that this week’s Core PCE, ISM PMI, and official jobs reports will depict a robust yet still disinflationary economy.
Additionally, Bitcoin traders will be monitoring large-cap earnings following Tesla’s impressive results, which boosted overall risk appetite last week.
Where Is the Bitcoin Price Headed Next? Chart Analysis Suggests Higher
From any perspective, chart analysis indicates positive prospects for the Bitcoin price.
Bitcoin established solid support at its 50DMA last week and has gained significant momentum since surpassing its 200DMA earlier this month.
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This indicates that momentum has shifted in favor of the bulls after several months of consolidation and volatility around the major moving averages.
The Bitcoin price has also consistently achieved higher highs since reaching a low in August, indicating a strong upward trend is underway.
Furthermore, the price uptrend since August aligns with an increase in Bitcoin’s 14-day relative strength index (RSI), which has yet to enter overbought territory.
Examining the Bitcoin weekly chart, it appears that Bitcoin has broken out of the bullish flag pattern it has been forming since March.
The conditions seem to be aligning for the next upward movement in the current Bitcoin bull market, with analysis of Bitcoin’s previous cycles further supporting this viewpoint.
It has now been over six months since the April Bitcoin halving – historically, Bitcoin tends to consolidate for 4-6 months post-halving, only to then surge to new record levels in the following 12 months.
Apprehension ahead of the US election and forthcoming data/earnings releases may lead bulls to remain cautious in the coming days, with Bitcoin consolidation around $70,000 being a possibility.
However, new all-time highs could be imminent for BTC.
The post Bitcoin (BTC) Price Touches $70,000, Hits Highest Since June – Where Is the Market Headed Next? appeared first on Cryptonews.
