Bitcoin’s performance has recently drawn significant attention, with traders closely watching its response to key resistance levels and market indicators. Consequently, market participants are monitoring the coin’s trajectory, especially as geopolitical tensions rise and global financial policies evolve.
Trading around the $35,300 mark, Bitcoin saw a minor drop in the past 24 hours. However, over the past week, it has achieved a consistent 0.4% growth. Furthermore, in a more extended view, the cryptocurrency has marked a considerable 21% rise in the last month. On an annual basis, its return is an impressive 66.6%, as reported by CoinGecko.
Despite this, some traders have expressed concerns. The coin faced initial rejection from the significant red zone, often cited as the bull/bear dividing line. However, this setback didn’t have a lasting impact. Instead, Bitcoin merely registered a higher low. Significantly, if the coin manages to reclaim this red zone and the 33.9k level holds, a bullish trend could be in the offing. Hence, there’s a prevailing belief that those waiting for retests around the 30-32k mark might miss out as highlighted by CrediBULL Crypto, an analyst.
We have seen an initial rejection off the red zone which I noted was the $BTC bull/bear line in the sand, but the rejection lacked follow through and we simply put in a higher low for now.
— CrediBULL Crypto (@CredibleCrypto) November 1, 2023
With the 33.9k level holding, a reclaim of red would be quite bullish.
Let's see what… https://t.co/fvmtDvNHat pic.twitter.com/c7gC0kAzgV
Meanwhile, XRP coin also caught the eye of investors. After breaking out from a two-month-long consolidation phase, the coin registered an 11% gain, moving from $0.54 to $0.6. Such trends hint at a potential 12% rise for XRP, possibly touching the $0.6065 mark.
Trading volumes on major exchanges have seen a significant downturn recently, with Bitcoin’s trading volume experiencing a sharp 17% reduction in a single day. Yet, discussions around Bitcoin ETFs have not completely ceased. Notably, tickers for Bitcoin ETFs have been appearing on the Depository Trust & Clearing Corporation website. But, a spokesperson was quick to clarify that this doesn’t imply SEC’s endorsement.
The global scene also plays a role in Bitcoin’s story. Amid the escalating tensions between Israel and Hamas, Bitcoin has emerged as a potential safe haven for investors, especially as US Treasury bonds diminish in appeal. Since the start of the Israel-Hamas conflict, Bitcoin has appreciated approximately 23%.
Furthermore, discussions are intensifying around Bitcoin’s potential as a stable asset, especially as faith in government bonds declines with the uptick in interest rates.With interest rates expected to remain between 5.25 to 5.5 percent, the crypto market waits with bated breath for any shifts in sentiment.
