Bitcoin’s price has seen a 4.70% rise in the past 24 hours, with daily trading volume surging by 148.49%, according to CMC data. This upward momentum has drawn considerable attention in the crypto market, pushing Bitcoin to March 2024 price levels. While the altcoin sector has shown mixed reactions, Solana has notably reached the $180 mark, though Ethereum hasn’t leveraged this positive trend.
Currently, Bitcoin has reached $70,000, climbing from the $67,000 range earlier on October 28, with its latest trading price at $71,017. Additionally, Bitcoin reached a 144-day peak of $71,587, per TradingView. The weekly chart shows consistent gains, advancing from $66,000 with a similar 4.91% daily increase. Previously, BTC climbed to $68,000 before dipping back to $66,000.
Meanwhile, U.S. spot Bitcoin ETFs have shown positive activity, with inflows hitting a weekly high of $479.35 million, led by BlackRock’s IBIT, which saw $315.19 million in inflows, according to Sosovalue.
Where is Bitcoin Price Headed?
Analyzing Bitcoin’s daily chart reveals a breakout from a rising wedge pattern into bullish territory. Experts suggest rising wedges are typically followed by a dip in trading volume, though current actions indicate Bitcoin may be breaking out from this trend.
The BTC bull-bear power indicators further support this, showing a bull power reading of 1.71 and bear power at 0.29, suggesting a continued upward trend. If this momentum persists, Bitcoin could potentially surpass its all-time high of $73,750, potentially inspiring bullish movements in altcoins like Solana and SUI.
