On October 29, Bitcoin achieved a significant milestone, trading at a four-month high of $71,000 amidst an overall market capitalization rise to $2.35 trillion. Influenced by robust ETF inflows and favorable electoral sentiments, Bitcoin’s positive momentum extended to other altcoins, reflecting overall growth in the cryptocurrency market. Market experts anticipate potential breakthroughs in Bitcoin’s price development, with key resistance and support levels identified for strategic trading.

On October 29, Bitcoin (BTC) reached a four-month high, trading at approximately $71,000, a significant increase attributed to strong inflows into exchange-traded funds (ETFs) and favorable market sentiments influenced by the upcoming U.S. presidential elections. The global cryptocurrency market capitalization experienced an elevation, settling at $2.35 trillion, with notable gains across various altcoins such as Ethereum (ETH), Dogecoin (DOGE), and Solana (SOL). At this time, Bitcoin’s price recorded a 5.01% increase over the previous 24 hours, with BTC’s value reflected at ₹57.04 lakh on Indian exchanges. Ethereum’s price was seen at $2,617.71, marking a slight gain, while Dogecoin priced at $0.1667 noted a rise of 3.43%. Other altcoins followed suit, showcasing positive trends as the Market Fear & Greed Index indicated a sentiment of ‘Greed’ at 60 out of 100, as reported by CoinMarketCap. Specifically, POPCAT token emerged as the largest gainer, with a remarkable 24-hour jump nearing 17%, whereas Mantra (OM) experienced a loss of 2.36% in the same timeframe. Leading cryptocurrency analysts conveyed insights regarding the current market performance by emphasizing the impact of political factors and macroeconomic trends. The speculation surrounding Donald Trump’s increased chances in the presidential campaign has heightened market volatility and investor interest, thus propelling Bitcoin past the crucial $70,000 mark and potentially paving the way for further upward movements. Likewise, Bitcoin’s resistance level is identified at $72,000, which, if surpassed, could lead to testing the all-time high of $73,700, while the support zone remains around $67,900. Overall, the market’s positive momentum reflects recovering investor confidence and strategic positions ahead of significant regulatory and economic events.

The cryptocurrency landscape is currently experiencing measurable growth, particularly highlighted by Bitcoin’s notable surge past the $70,000 threshold for the first time in four months. This upward trend is largely influenced by various dynamics, including heightened inflows into ETFs, favorable market sentiment driven by geopolitical and domestic factors, particularly the impending U.S. elections, and the reactions to the ongoing international conflicts. The growth observed is indicative of a broader market recovery, juxtaposed against prior bearish trends and stagnant price activity. Investors are increasingly optimistic, as evidenced by the positive shifts in the Market Fear & Greed Index, broadly influencing altcoin performances as well.

In summary, Bitcoin’s resurgence beyond the $70,000 mark signifies a notable recovery in the cryptocurrency sector, fueled by strategic ETF investments and heightened speculation surrounding the upcoming U.S. presidential elections. This upward trajectory is further corroborated by the overall enhancements in altcoin valuations. As Bitcoin tests critical resistance levels, ongoing political and economic developments will likely continue to shape market dynamics and investor strategies.

Original Source: news.abplive.com

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