Bitcoin analyst sees ‘scary’ BTC price upside as funding flat at $73K
2024.10.30 13:09
Bitcoin (BTC) coiled below all-time highs on Oct. 30 as commentators struggled to believe the calm market reaction.
BTC/USD 1-hour chart. Source: TradingView
BTC price offers welcome support retest near $72,000
Data from Cointelegraph Markets Pro and TradingView showed BTC price upside cooling after reaching $73,500 on Bitstamp the day prior.
Consolidation, which traders welcomed as a chance to reinforce newly reclaimed support, had nonetheless left $71,000 intact at the time of writing.
“Bitcoin Has now taken out every major lower high from this year except for the all time high. It came within close proximity but wasn’t able to sweep it just yet,” popular trader Daan Crypto Trades commented in part of his latest post on X.
“Honestly better it rejects before to make an equal high vs sweeping it. As this way it’s more likely it will go for that high at another point.”
BTC/USD 1-day chart. Source: Daan Crypto Trades/X
Analyzing weekly timeframes, trader and analyst Rekt Capital said that the weekly close would provide crucial information about the strength of the latest move on BTC/USD.
“Bitcoin is potentially producing an upside wick beyond the Range High of the ReAccumulation Range,” he told X followers, referring to the spot price range in play since March’s all-time highs.
“Still early on in the week, so lots can still change. Bitcoin needs a Weekly Close above the Range High to kickstart the beginning of a breakout.”
BTC/USD 1-week chart. Source: Rekt Capital/X
Trading firm QCP Capital meanwhile sought to appreciate Bitcoin’s performance to date while acknowledging the potential for continuation thanks to a combination of what it considered to be geopolitical and macroeconomic tailwinds.
“The price action for Bitcoin has been nothing short of remarkable this couple of days, rising over 8% and breaking the $73k level,” it summarized in its latest bulletin to Telegram channel subscribers on the day.
“The robust inflow into spot ETFs, fresh monetary easing cycles across major economies, and increasing odds of victory for crypto-friendly presidential candidate Donald Trump have been positive catalysts.”
It added that upcoming United States unemployment data, the Federal Reerve’s interest rate decision and tech firm earnings could additionally shape the landscape.
Flat funding rates, retail absence shock Bitcoiners
Comparing the current market environment to March’s trip beyond $73,000, some observers could barely stress the difference enough.
Related: BTC price sets 68K euro all-time high as Bitcoin bulls eye gold next
“$BTC is basically at all time high and these are the funding rates,” popular commentator Byzantine General wrote.
“If you told me a year ago that funding would be neutral at ATH I wouldn’t have believed you.”
Accompanying data from monitoring resource CoinGlass confirmed that funding rates were only marginally positive at the time of writing, with largest global exchange Binance practically neutral.
Crypto funding rate heatmap (screenshot). Source: CoinGlass
Continuing, crypto analyst Miles Deutscher noted the comparative lack of retail interest in trading, as evidenced by the popularity of the app of largest US exchange Coinbase on the Apple AppStore.
“Price is the EXACT SAME, but retail isn’t back (at all),” he concluded on X.
“It’s scary how much higher we’re going.”
Earlier, Cointelegraph reported on research measuring Bitcoin bull and bear market performance using the position of the Coinbase app.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
