Bitcoin‘s value has experienced a significant surge, reaching a 17-month high of over $35,200. This marked a nearly $5,000 increase in a single day, contributing to the total cryptocurrency market value exceeding $1.24 trillion. Trading volume is nearing the $100 billion mark as anticipation for a Bitcoin ETF continues to grow.
These developments were highlighted by Material Indicators in a social media post, which pointed out that an $87 million buying wall helped overcome market resistance and led to an R/S reversal. This surge followed Bitcoin breaking its previous resistance of $32,000 on Tuesday, where it peaked at $35,000.
Despite the bullish trend, CryptoBullet issued a warning to traders about the potential risk of late longs being wiped out by market makers. The firm identified an abnormality in funding rates as indicative of a bull market structure, suggesting that the cryptocurrency rally led by Bitcoin should persist.
Meanwhile, Bitcoin’s dominance rose to 54%, easing investors’ concerns about a prolonged bearish trend and large dumps. However, worries about a potential bull trap persist.
In the midst of these fluctuations, alternative cryptocurrency Steem showcased its potential with a 25% gain, surpassing Bitcoin’s 12% increase. This has led to strong recommendations for investment in Steem.
James Stanley underscored the inverse correlation between DXY and BTC, predicting that the upcoming Personal Consumption Expenditures (PCE) data due on October 26, 2023 could significantly affect BTC’s value.
