Bitcoin (BTC) fell below its all-time high on October 30 as commentators found it difficult to believe the calm market reaction.
BTC/USD 1-hour chart. Source: TradingView
BTC price offers a welcome support retest near $72,000.
Data from Cointelegraph Markets Pro and TradingView showed BTC price cooling its gains after reaching $73,500 on Bitstamp the previous day.
Nonetheless, the consolidation, which traders welcomed as an opportunity to consolidate newly restored support, left $71,000 untouched at the time of this writing.
“Bitcoin has now hit every major low from this year except its all-time high. “It came very close, but we couldn’t sweep it away yet.” Popular trader Daan Crypto Trades said this in part of his recent post about X:
“Honestly, it is better to reject it before it achieves the same level. If you do this, you have a better chance of getting to that high level at other points.”
BTC/USD 1-day chart. Source: Daan Crypto Trades/X
Analyzing the weekly period, trader and analyst Rekt Capital said that the weekly close will provide important information about the strength of BTC/USD’s recent moves.
He told his
“It’s still early in the week so a lot can change. Bitcoin needs a weekly close above the range high to begin the start of a breakout.”
BTC/USD 1 week chart. Source: Rekt Capital/X
Meanwhile, trading firm QCP Capital sought to praise Bitcoin’s performance to date, acknowledging its sustainability due to a combination of what it sees as geopolitical and macroeconomic tailwinds.
“Bitcoin’s price action has been remarkable, rising by more than 8% in a few days and breaking the $73,000 level,” summarized the latest bulletin for Telegram channel subscribers that day.
“Strong inflows into spot ETFs, a new cycle of monetary easing across major economies, and increased odds of victory for cryptocurrency-friendly presidential candidate Donald Trump were positive catalysts.”
Upcoming US unemployment data, the US Federal Reserve’s interest rate decision and earnings of technology companies could also further shape the situation, he added.
Uniform financing rates, impact of absence of retail stores
Comparing the current market environment to March’s trip, which cost more than $73,000, some observers can barely highlight the difference.
relevant: BTC price sets an all-time high of 68K Euros as Bitcoin Bulls Eye Gold.
“BTC is basically at an all-time high and that’s the funding rate,” wrote popular commentator Byzantine General.
“If you had told me a year ago that ATH would be funding neutral, I wouldn’t have believed you.”
Data from monitoring resource CoinGlass confirms that funding rates are only marginally positive at the time of this writing, while Binance, the largest global cryptocurrency exchange, is effectively neutral.
Cryptocurrency funding rate heatmap (screenshot) Source: Coinglass
Crypto analyst Miles Deutscher went on to point out the relative lack of retail interest in trading, as evidenced by the popularity of the Coinbase app, the largest U.S. exchange, on the Apple App Store.
“The prices are the same, but the retailers are not coming back (at all),” he concluded about X.
“It’s scary how much higher we will go.”
Cointelegraph previously reported on a study that used Coinbase app location to measure Bitcoin bull and bear market performance.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.