Bitcoin is gradually moving closer to the $35,000 trading level yet again, as the current bullish crypto price action has continued for the last few days.
The crypto market has picked up momentum, with Bitcoin’s movements heading towards $35,000. The bullish crypto price action has helped several tokens rise to their yearly highs. While long-term investors helped initiate the rally, inflows into crypto investment products have also surged. Bitcoin has emerged as one of the best investment asset classes in 2023.
Speculations for the spot Bitcoin ETFs have been the highest in recent times. Crypto stakeholders have expressed their confidence in approvals for the ETFs. The same could have led to the current green run in the crypto market. Meanwhile, public equity markets have stumbled at the same time. Top stocks in the S&P 500 have declined, which has been an opposite price action to crypto.
Noted advisory firm EY also made interesting insights on crypto recently. Its global blockchain leader, Paul Brody, said, “If you look at people who are buying Bitcoin, they are buying it as an asset. They are not buying it as a payment tool. Those who are buying Ethereum, are buying it as a computing platform for business transactions and DeFi [decentralized finance] services.”
He said institutional investors’ interest in crypto had spiked significantly. Crypto ETFs could further boost it, he claimed.
BTC/USD 1D price chart
Bitcoin is currently trading at around $34,500 on October 26, 2023, with BTC/USD trading higher by a margin of 2.5% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (28,942.55), as BTC’s 24-hour volume was at around $24 billion.
Bitcoin has seen around 109.37% returns on a year-to-date basis. 7-day returns for BTC stand at 22.5%, while its 100-day EMA was at around $28,313.11. Bitcoin’s overall market capitalization is trading at around $676 billion. The crypto market surged by around 1.9% to over $1.32 trillion.