{"id":13405,"date":"2024-10-12T15:00:44","date_gmt":"2024-10-12T15:00:44","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=13405"},"modified":"2024-10-12T15:00:44","modified_gmt":"2024-10-12T15:00:44","slug":"bitcoin-price-hits-63000-is-the-market-set-for-takeoff","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=13405","title":{"rendered":"Bitcoin Price Hits $63,000 \u2013 Is The Market Set For Takeoff?"},"content":{"rendered":"

According to data from CoinMarketCap, Bitcoin (BTC) gained by 4.08% in the last 24 hours as it briefly traded above the $63,000 price mark. Notably, this price rise comes following a decline that saw the market leader trade below $59,000<\/a> on Thursday. While the market sentiment is currently bullish, certain conditions are needed to procure an actual bullish breakout.\n<\/p>\n

Bitcoin On The Brink Of Short-Term Bullish Run<\/strong><\/h2>\n

Following Bitcoin\u2019s price ascent to around $62,000 on Friday, CryptoQuant<\/a> analyst with the username Yonsei_dent shared a key insight on the asset\u2019s potential price movement.\u00a0<\/p>\n

In a Quickake post<\/a>, Yonsei_dent highlights $62,700 to be the key price level for short-term holders i.e. $62,700 represents the average price at which many short-holders acquired Bitcoin, which the analyst states has remained consistent for the last three months.<\/p>\n

Therefore, this presents a critical price level for BTC, a movement above which signals a change in a market shift and can spur buying activity from short-term holders. However, Yonsei_dent notes that Bitcoin needs to rise above $63,000 to initiate a significant bullish momentum over the coming weeks.<\/p>\n

\u00a0<\/p>\n

Since this price commentary, Bitcoin has traded above $63,000, albeit temporarily before retracing to around $62,300. This brief breakout can be traced to a lack of significant trading volume, a condition critical to the short-term bullish breakout deceived by Yonsei_dent.<\/p>\n

Currently, Bitcoin\u2019s trading volume is valued at $30.75 billion, however, reflecting only a minor 2.94% gain in the last 24 hours.\u00a0 If the price of BTC returned above $63,000 with a marked increase in trading activity, the premier cryptocurrency could rise to around $67,000, at which lies its next significant price resistance level.\n<\/p>\n

Bitcoin Approaches Critical November\u00a0<\/strong><\/h2>\n

In contrast to popular sentiments, Bitcoin has so far experienced a rather tumultuous experience in October. And while the crypto market leader may eventually pull off an \u201cUptober\u201d<\/a>, November is shaping up to potentially provide the needed bullish drivers for the BTC market. Firstly, investors expect the Federal Reserve to implement a 25 basis points cut which would avail more liquidity for volatile assets such as Bitcoin.\u00a0<\/p>\n

Furthermore, the upcoming US elections have also gained significant influence in the crypto market with digital asset regulation becoming a major policy discussion. If pro-crypto Republican candidate Donald Trump secures victory over Vice President Kamala Harris, analysts are hopeful<\/a> the Bitcoin bull run will finally take off.\u00a0<\/p>\n

At the time of writing, Bitcoin trades at $62,697 reflecting a 1.07% gain in the last week.\u00a0<\/p>","protected":false},"excerpt":{"rendered":"

According to data from CoinMarketCap, Bitcoin (BTC) gained by 4.08% in the last 24 hours as it briefly traded above the $63,000 price mark. Notably, this price rise comes following a decline that saw the market leader trade below $59,000 on Thursday. While the market sentiment is currently bullish, certain conditions are needed to procure […]<\/p>\n","protected":false},"author":0,"featured_media":13406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13405","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13405"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13405"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13405\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13406"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13405"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13405"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13405"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}