Bitcoin Returns to $70,000 for First Time in 3 Months
The world's largest cryptocurrency continues to demonstrate its "Uptober" strength as it quickly regains momentum to conquer the $70,000 mark.
On the morning of October 29, Bitcoin's price surpassed the $70,000 mark for the first time since late July, temporarily setting a 3-month peak of $70,270, completely shaking off the impact of macro news related to the increased tensions between Israel and Iran last weekend.
Thus, BTC is only a 5% increase away from its record high of $73,700 in March 2024.
Since the beginning of September, Bitcoin prices have been on the rise, first due to expectations of a Fed rate cut (which eventually happened), followed by increased investment from the Chinese stock market, and finally the huge buying pressure from US Bitcoin ETFs with a value of more than 3 billion USD in just the past 14 days.
In the immediate future, the cryptocurrency market in general and Bitcoin in particular will continue to fluctuate with the US Presidential election taking place on November 5, the next Fed interest rate adjustment also on November 5, and other US economic reports in the following days.
Bitcoin's surge on the morning of October 29, however, has not yet brought green to the entire crypto market. Aside from some strong performers like DOGE, HEX, RUNE, SUI, and other memecoins, many top altcoins have yet to continue their upward momentum, partly because the BTC.D index is still at its highest level since the beginning of 2021.
The liquidation rate in the past 24 hours reached over $170 million, with shorts accounting for 59%.
