Bitcoin has gained momentum as it traded above $30,000.
Newsonline Nigeria reports that Bitcoin continues to gain momentum, riding on bullish signals from the evolving digital space.
This Nigeria news platform understands that the crypto asset hit $30,900 on Monday morning, reaching its highest level since July 15, according to data from Coinmarketcap.
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It rose above $30,000 on Friday for the first time since July, mirroring last week’s gains. 10%, amid volatility in exchanges between cryptocurrencies.
Bitcoin is up 14% for the month, with gold seeing a much smaller gain of 6.7%.
However, gold rallied a week before bitcoin, as flaring tensions between Israel and Hamas, along with ongoing speculation about the end of the Fed’s tightening cycle, heralded the arrival of an inflationary regime.
The pioneer crypto asset remains an even more attractive asset thanks to its perfect portability, inflation protection, and government-independent wealth preservation. Combine the optimism around the BTC ETF and the recent Ripple lawsuit.
Consequently, BlackRock CEO Larry Fink praised the Bitcoin network, citing pent-up interest in crypto and a flight to quality as drivers of the recent rally. Furthermore, the CEO of the world’s largest asset management firm, with over $9.4 trillion in AUM (assets under management), said this October’s stunning Bitcoin rally is “beyond rumour.”
There is growing confidence among analysts that the SEC will approve a Bitcoin ETF soon, which contributes to Bitcoin’s credibility. Institutional adoption and mainstream adoption depend on this validation. Crypto traders are receiving a message from it.
Data from Glassnode also affirms that the crypto market participants are pouring their stablecoins into Bitcoin this week.
Standard Chartered also predicts Bitcoin will reach $50,000 by the end of this year.
Geoff Kendrick, global head of research and chief strategist at Standard Chartered, said increasing mining profits will reduce their need to sell BTC, leading to a decrease in supply in context Requirements may increase. “Miners’ increased profitability per BTC (Bitcoin) mined means they can sell less while maintaining cash inflow, reducing the source of revenue,” Kendrick said in a report. net BTC supply and push BTC price higher.”
Interestingly, the number of Bitcoins held by miners spiked during the Ordinals promotion in May 2023, only to stabilize since then.
However, downside risks also remain low as price action suggests the crypto asset may struggle to overcome channel resistance between $30,000 and $33,000.
Cryptocurrency trader Nicholas Merten said the leading crypto asset by market valuation will have difficulty overcoming channel resistance between $30,000 and $33,000.
“The question here is whether we can overcome this resistance channel, which has always proven to be resistant on Bitcoin is why I’m trying to bring people back to the centre – I’m not trying to be a longshot or bet on Bitcoin.
“This is why we believe we are very win. This again prepared us to enter channel resistance for another downward third wave that will likely hit harder than any previous resistance that we encountered as we moved to this range because sometimes, we reach this gap and we can’t get past it, which will be a problem.’ He added.