As a seasoned crypto investor with a knack for deciphering market trends, I find myself intrigued by Bitcoin’s recent dance around the $70,000 mark. The swift price spike earlier today, seemingly orchestrated by Binance, has once again brought us to the brink of a new record high.
Bitcoin, the leading cryptocurrency, managed to reclaim the $70,000 level earlier today.
The crypto king reached an intraday high of $70,294 on the Bitstamp exchange at 14:51 UTC.
Based on information given by an anonymous cryptocurrency trader known as Byzantine General, a sudden increase in prices was observed following the opening of the U.S. stock market earlier today. At this moment, U.S. stocks are being traded at higher levels, with the Nasdaq index increasing by 1.3% at the time of reporting.
It appears that instead of Coinbase, the largest U.S. cryptocurrency exchange, it was Binance, a major global crypto trading platform, that instigated the recent price surge.
It’s worth noting that there’s an increasing gap between the market price (the spot price) and the price influenced by Binance’s activities.
On October 29th, the primary digital currency, based on market value, nearly achieved a fresh all-time high. It touched an impressive peak of $73,600 on the Bitstamp platform, but then it experienced a slight drop in its gains.
On November 4th, the primary cryptocurrency experienced a significant drop, reaching a low of approximately $66,798. Yet, it seems that the ‘bulls’ (optimistic investors) are once again taking control.
According to Caleb Franzen, the creator of Cubic Analytics, a single recovery period might not be sufficient for the bullish trend to continue.
The analyst stated, “A single bounce back isn’t sufficient; instead, we should observe a prolonged resurgence leading us beyond previous temporary peaks, which would indicate that our strategy was successful.
According to cryptocurrency expert Matthew Hyland, for Bitcoin’s one-day chart to reach a new peak, it must hit a record-breaking all-time high.
Bitcoin is roughly 5% from reclaiming its current record high.
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2024-11-05 19:52