Bitcoin is showing strong signs of bullish momentum with its price hovering above $68,000. Key technical indicators, chart patterns, price action, whale activity, and Bitcoin ETF inflows are pointing toward an upward rally. With only a few days until the election, all eyes are on how Bitcoin will react. Curious to know more? Read on!
Crypto Technical Indicators: What Do They Say?
At present, Bitcoin stands at $68,242. On October 14, the market broke above the previous high of $65,831.41. This higher-high pattern points to the possibility of the price going higher.
The weekly chart of Bitcoin shows that Bitcoin is attempting to break a major trendline connecting lower highs. When the MACD indicator is applied to the chart, we see a bullish MACD crossover forming. The chart also shows an inverse head and shoulders pattern, which is a signal of a potential rally.
BTC Spot ETF Inflows and Whale Activity Boost Market
The Bitcoin Spot ETF market has seen at least six consecutive positive inflows since October 11. The highest of +555.90M was recorded on October 14, and the lowest of +253.60M was reported on October 11. Yesterday, the market registered a net inflow of +273.70M. This consistent net inflow signals strong market interest.
Yesterday, the exchange whale ratio was 0.51%. In the beginning of the month, it was just 0.49%. This indicates that whales are buying large amounts of Bitcoin. Increasing whale activity is also a bullish signal.
Bitcoin vs Gold: Will Bitcoin Follow Gold’s Breakout?
Gold is experiencing a massive breakout. The price of Gold now stands at 2721.2 USD/t.oz. In the last month, it has experienced a rise of 5.18%. Since Bitcoin and gold tend to move in tandem. Bitcoin may follow suit.
US Election Impact: Will Markets Explode After the Election?
With only 17 days until the election, many expect Bitcoin and the stock market to go exponential after the result, regardless of the winner. What prompts such optimism is past trends. The majority of bettors on Polymarket believe that Donald Trump, a pro-crypto candidate, will win the upcoming presidential election. This could also positively impact market sentiment. And, notably, we are approaching the bull market phase in the Bitcoin halving cycle. This further suggests potential upward momentum.
Bitcoin Forecast for This Weekend
As per a crypto trading expert, identified on YouTube as Crypto Rover, Bitcoin is facing a resistance level of around $68,300. He predicts that the market may experience volatility over the weekend, but expects BTC’s price to return to the present range by Monday. The four-hour chart of Bitcoin shows a higher high, but the RSI applied to the chart points to a lower high. This suggests decreased momentum in the short term.
He also points out the level of $68,300 as an important level. He further opines that if the market strongly breaks the level, it can go far higher, potentially leading to a bullish Bitcoin price prediction.
In conclusion, Bitcoin is currently facing resistance, but technical indicators, chart patterns, whale activity, and strong ETF inflows suggest that the market may soon break out.
Stay tuned to Coinpedia for more such updates on Bitcoin price momentum!
