With the current crypto bull move keeping token prices at a monthly high, inflows into the crypto market have increased gradually.
October is set to end notably for the crypto market, with Bitcoin dominant at over $34,000. The month had begun with rising prices, which stabilized midway. The last few days saw BTC leading a broad rally across the market as several tokens surged with investors’ support. Traders’ spirits are optimistic for the rest of 2023, as analysts propose a $40,000 target for BTC within the year.
Inflows surged into the crypto market in the previous week. Crypto exchange-traded products led the run as investors joined in large numbers. Option volumes for Bitcoin also increased, leading to experts anticipating an extended crypto bull run.
An expert from blockchain firm Galaxy said, “We’ve seen interest in upside now that volume is higher and calls skews are a little elevated. […] Seeing those strikes roll out. So, the peak gamma at the time when we discussed this in early October was around $32K, and now it’s around $36K to $40K.”
The FOMC meeting could be the next catalyst for Bitcoin’s movements, though. The meet has historically influenced markets worldwide. While traders and investors could closely follow it, Bitcoin’s consolidated price levels could withstand any changes. With room for rising further, BTC could break its psychological resistance at $35,000 soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $34,310 on October 31, 2023, with BTC/USD trading higher by a margin of 0.2% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (29,934.11), as BTC’s 24-hour volume was at around $17 billion.
Bitcoin has seen around 106.70% returns on a year-to-date basis. 7-day returns for BTC stand at 0.4%, while its 100-day EMA was at around $28,550.49. Bitcoin’s overall market capitalization is trading at around $670 billion. The crypto market cap increased by 0.4% in the last 24 hours.