As Bitcoin continued to trade over $34,000, crypto price predictions displayed buoyancy as the market is set to end October on an extremely bullish wave.
Bitcoin stood firm over the weekend, remaining range-bound over $34,000. Its support level is static after the sharp rally, which could induce further hikes in the upcoming week. Bulls are successfully holding up against bearish activity, further increasing Bitcoin’s dominance. Crypto price predictions, hence, have been broadly positive for the past week.
Bitcoin’s dominance in the market is at around 54%, which is the highest in a long time. A few other altcoins could take after BTC and join the rally. ETH, Cardano, Solana, and others have already seen hefty weekly gains. Ethereum’s market cap has surged to over $215 billion, while it is trading nearer to $1800.
Blockchain analytics firm Glassnode had bullish insights for the crypto market. It said, “A cluster of long-term simple moving averages of price are located around $28k, and have provided market resistance through September and October. After a month of the market grinding higher, the bulls found sufficient strength this week to convincingly break through the 111-day, 200-day, and 200-week averages.”
Bitcoin has also seen relatively better gains in October than most public equity markets. If it holds the momentum, bulls could take it higher to $40,000 soon.
BTC/USD 1D price chart
Bitcoin is currently trading at around $34,200 on October 29, 2023, with BTC/USD trading lower by a margin of 0.1% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (29,260.78), as BTC’s 24-hour volume was at around $9 billion.
Bitcoin has seen around 103.89% returns on a year-to-date basis. 7-day returns for BTC stand at 14.4%, while its 100-day EMA was at around $28,381.26. Bitcoin’s overall market capitalization is trading at around $669 billion. The crypto market cap is currently at over $1.31 trillion.