Major cryptocurrencies saw a surge on Monday evening, driven by investors pumping funds into the market. This increase can be attributed to the growing optimism regarding the possible approval of a Bitcoin exchange-traded fund (ETF).
| Cryptocurrency | Earnings +/- | Price (Recorded at 9:30 pm EDT) |
| Bitcoin (CRYPT: btc) | +0.08% | $34,469 |
| Ethereum (CRYPT: ETH) | +1.03% | $1,811 |
| Dogecoin (CRYPT: DOGE) | +0.94% | $0.069 |
What Happened: Several prominent Wall Street firms have filed applications with the Securities and Exchange Commission (SEC) for a new BTC spot ETF product.
Cryptocurrency-focused investment funds saw a massive influx of $326 million in net inflows last week, marking the highest amount in a single week since July 2022, CoinShares reported.
According to the report, the main driving force behind this rise was the price rally, sparked by growing optimism around the possible SEC approval for the first spot bitcoin ETF.
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Top winner (24 hours)
| Cryptocurrency | Earnings +/- | Price (Recorded at 9:30 pm EDT) |
| BitTorrent | +19.95% | $0.000000513 |
| chainTHOR | +14.62% | $2.79 |
| weave | +11.52% | $5.84 |
The global crypto market capitalization currently stands at $1.26 trillion, reflecting an increase of 0.50% in the last 24 hours.
U.S. stock futures were steady overnight Monday, following a rally in major benchmark indices during a relief rally. S&P 500 futures fell slightly by 0.04%, while Nasdaq 100 futures saw a marginal decline of 0.06%.
During Monday's trading session, the S&P 500 successfully recovered from correction territory and closed up 1.2%, marking its most impressive performance since late August. The Nasdaq Composite also saw a gain of about 1.2%.
The long-awaited Federal Reserve decision will take place on Wednesday, with the central bank widely expected to maintain its benchmark interest rate. This decision comes in response to the recent stock market correction, largely attributed to rising interest rates. As investors closely monitor the outcome, they are hopeful that the Federal Reserve will signal that it has concluded its efforts to raise rates.
See more: Best cryptocurrency scanners
Analyst Notes
Crypto analyst Michael Van De Poppe has identified four stress tests for Bitcoin. According to his analysis, there is a strong possibility that with another test, the price will break and surpass the previous highs, creating a surge in liquidity. Based on his assessment, it seems quite โreasonableโ to expect Bitcoin to hit the $36,500 to $37,000 range.
Four resistance tests for #BitcoinAnother test, and I hope we break out and take liquidity above the highs. Very reasonable, we will see between 36.5 and 37 thousand dollars. pic.twitter.com/toYTmTx85F
โMichaรซl van de Poppe (@CryptoMichNL) October 30, 2023
Crypto Tony, has indicated that Bitcoin is likely to retest the $31,000 โ $32,000 range. "I think once we hit $36,000 for liquidity, or close enough, we will go back down. So be careful this week in particular. Altcoins have invalidation levels that I have shared, so they should be risk-free" .
wait $BTC Between $31,000 and $32,000 to get tested again. I think once we get to $36,000 for liquidity, or close enough, we will get there and go back down. So be careful this week in particular.#Altcoins I have override levels that I've shared, so they should be risk-free.
- Crypto Tony (@CryptoTony__) October 30, 2023
According to Koroush AK, a pseudonymous analyst, there are several key points to watch for BTC price action:
"1. $35,000 is our breakout level, the price is expected to skyrocket after this.
2. $33,000 is key support for ltf, and $31,500 is key support for htf.
2. The market structure looks very good from day to month for bulls.
3. The right altcoins will outperform $BTC on the next breakout. I will share my favorite graphics on Telegram later.
4. Focus on price action, ignore social media emotional ups and downs.โ
Bitcoin Thoughts1. $35k is our breakout level, the price is expected to explode after this.2. $33,000 is key ltf support, $31,500 is key htf support.2. The market structure looks very good from day to month for the bulls.3. The Right Altcoins Will Outperform $BTC In the next escape,โฆ
- Koroush AK (@KoroushAK) October 30, 2023
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