Various factors have led to a rise in stakeholders buying crypto as analysts renew their forecasts for the crypto market to be positive in the long run.
Bitcoin witnessed the week unfold on a firm footing, as its support at $34,000 was rigid. With BTC seeing consolidated movements, investors and traders are seeing a rise in buying crypto. Crypto as an asset class has been attractive for both institutional and retail investors, with over 27% returns.
Financial services firm Cantor Fitzgerald held bullish predictions for the crypto market. Their analysts were highly confident that the spot Bitcoin ETFs would further boost crypto adoption. They claimed the movements of the crypto market in the short term were heavily dependent on regulators’ approvals for the spot Bitcoin ETFs.
Meanwhile, applications for the spot Bitcoin ETFs saw a new entrant. Asset management firm VanEck has also filed for an ETF, raising expectations in the crypto market. The list of applicants now consists of global investment firms like Blackrock, ARK Invest, and others.
Bitcoin, on the other hand, is witnessing slight selling pressures at $35,000. If it can move beyond the resistance, there could be room for rising to $40,000. But BTC has strong support at $32,400 and $31,000. Sellers would have to pull it below this point for a dip, but it could be highly unlikely with the current optimistic wave. For the next few days, Bitcoin could be range-bound till the next catalyst.
BTC/USD 1D price chart
Bitcoin is currently trading at around $34,300 on October 30, 2023, with BTC/USD trading higher by a margin of 0.6% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (29,583.32), as BTC’s 24-hour volume was at around $12 billion.
Bitcoin has seen around 107% returns on a year-to-date basis. 7-day returns for BTC stand at 11.8%, while its 100-day EMA was at around $28,465.47. Bitcoin’s overall market capitalization is trading at around $670 billion. The crypto market cap is currently at over $1.27 trillion.