Bitcoin Surges to $34,000 as Attention Shifts to Macro Assets
Bitcoin (BTC) reached $34,000 at the Wall Street open on October 27, with focus turning to its performance against macro assets. The largest cryptocurrency maintained its early-week gains, showing stability as the weekly and monthly closes approached. Popular trader Daan Crypto Trades stated that Bitcoin is likely to remain in the $33,000 to $35,000 range for some time, with potential for quick trades within these levels. Open interest (OI) has also recovered to pre-uptick levels, indicating a potential squeeze in BTC price. On-chain monitoring resource Material Indicators flagged a downside signal on one of its proprietary trading instruments, but noted that a move to $38,850 would invalidate the bearish implication.
Optimistic perspectives on Bitcoin’s price came from macroeconomic comparisons. Social media trader Kaleo pointed out that Bitcoin has outperformed the S&P 500 since September, suggesting continued upside potential. He stated, “While BTC is up only 36% vs USD from the September lows, BTC is up 48% vs. SPX.” A chart comparing BTC/USD and the S&P 500 showed recent events in Bitcoin’s history, with Kaleo arguing that there is still “plenty of fuel left in the tank for a move higher to $40K.” Other analysts highlighted the significance of recent resistance levels potentially flipping to weekly and monthly support, indicating a bullish trend.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.
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