Bitcoin Price Today Rallies Above $73k, Is $84k Within Reach?

The post Bitcoin Price Today Rallies Above $73k, Is $84k Within Reach? appeared first on Coinpedia Fintech News

Bitcoin (BTC) price has gradually gained bullish momentum in the past few weeks following the August 5 crypto market crash, which pushed the flagship coin below $50k. In the past 24 hours, Bitcoin price surged to a peak of $73,562 before retracing around 2 percent to trade at about $72,196 on Wednesday, October 30, during the early European session.

Bitcoin price is knocking down the last resistance level before the much-awaited entry into the parabolic phase in the coming months. Moreover, Bitcoin price has completed more than 30 weeks since the fourth halving event earlier this year. 

Midterm Targets for Bitcoin Price

Bitcoin price has approached a crucial milestone that will most likely result in a bullish breakout in the near term. However, swing traders should be cautious of a potential drop below $70k again before an imminent rally towards $84k in the near term.

According to a popular raptor analyst Ali Martinez, the MVRV ratio, an indicator that measures the unrealized profit or loss in the Bitcoin market, has experienced a golden cross with its 365-SMA, which suggests more bullish sentiment ahead based on historical performance.

Whale Investors Remain Hungry for More BTCs

The demand for Bitcoin by whale investors has exponentially grown in the past few months. With gold already in the price discovery phase, having spiked to a new all-time high in the past 24 hours of above $2,778, more investors are speculating on an inevitable bullish breakout for Bitcoin.

Moreover, the Fed is expected to initiate a rate cut next week following an improved job market and lower inflation amid the 2024 U.S. presidential election.

According to the latest market data, the supply of Bitcoin on centralized exchanges has continued to shrink, whereby more than 41k BTCs have been withdrawn from CEXs in the past 30 days. The high demand from US spot BTC ETFs heavily influences the notable withdrawals from CEXs.

On Tuesday, the US spot BTC ETFs, led by BlackRock’s IBIT, registered a net cash inflow of more than $870 million, the highest amount since early June.