Bitcoin surged to almost $29500 in the last 24 hours, with highly bullish crypto signals that could continue this year with incoming crypto ETFs.
The crypto market stretched positively significantly, as Bitcoin crossed over $29,000 with the wave. While it has cooled down currently, crypto signals still point towards a long rally. BTC is well above its 20-day moving average, signally huge support from bullish traders above $27,000. The market is highly volatile currently, and the same could continue during the ongoing week.
Speculation and enthusiasm around the crypto ETFs in the US may have been possible for the crypto rally. While the fate of the crypto ETFs still lies with regulators, investors are upbeat about the short-term movements. Several crypto ETFs are pending with regulators with their respective applications.
Meanwhile, Bitcoin Amsterdam, the largest crypto conference in Europe, also saw positive outcomes. The event saw an optimistic confluence of crypto enthusiasts, comprising policymakers and entrepreneurs. The event indicated the momentum with crypto projects was still strong.
Public equity markets have also started the week strongly, helping create an impetus for sentiments. In the last 24 hours, Bitcoin faced sell-offs above $29,000 but has stabilized since then. If BTC successfully holds $28,000 for a few days, a fresh wave of bull support could help it climb higher. ETH also nudged closer to $1600, while Solana saw a 5% rise. TRON and Polygon also gained by around 1% each.
BTC/USD 1D price chart
Bitcoin is currently trading at around $28100 on October 17, 2023, with BTC/USD trading higher by 2.1% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (27,174.18), as BTC’s 24-hour volume was at around $24 billion.
Bitcoin has seen around 71.24% returns on a year-to-date basis. 7-day returns for BTC stands at 2%, while its 100-day EMA was at around $27,967.05. Bitcoin’s overall market capitalization is trading around $556 billion, and the crypto market cap is above $ 1.13 trillion.