Bitcoin price is hovering around $64,500 – $65,500 but is likely to jump thanks to growing interest in the market soon. At the time of writing, BTC is changing hands at $64,852, still recorded a 5% increase in the last 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price is still waiting for a breakout
Bitcoin price moves sideways during the last trading day of the week but is forecasted to have an intense explosion. In the previous 24 hours, Bitcoin price traded the highest at $64,692, the lowest transaction recorded at $63,407. Data from CoinMarketCap shows that the amount of Bitcoin traded in the past 24 hours is about $30.3 billion, the market capitalization recorded at $1,214 billion.
Previously, the price set a new record of $67,600. According to Fundstrat, this breakout for Bitcoin could signal the start of a final bull run in Q4, before the crypto market shows a clearer consolidation next year.
Bitcoin flew past the $67,600 threshold and continued to rally till Wednesday when it set an ATH of $68,789. Meanwhile, Ethereum crossed $4,800 on Monday and landed on $4,859 by Wednesday.
Bitcoin and Ethereum are the two leading cryptocurrencies by global market capitalization, coming in first and second place, respectively. This week the combined market cap of the entire crypto market hit $3 trillion. Bitcoin accounts for over $1.2 trillion, while Ethereum covers about half a trillion.
Much of Bitcoin’s gains at the end of last month were spurred by the launch of Proshares’s Bitcoin Futures ETF–a regulated financial instrument that tracks the prices of Bitcoin Futures. While another Bitcoin Futures ETF was approved by the United States Securities and Exchange Commission not long after, this time by digital asset manager Valkyrie, the likelihood of a Bitcoin spot ETF getting approved remains significantly lower.
After an explosive start to the week, the market leaders have gone slow and steady. The biggest price movements were seen among altcoins, which will be redeemable at movie theatres very soon.
Read more:
- Bitcoin Price Looks Primed To Dip Before Printing Higher Highs
- Bitcoin Price Dipped Below $65,000 As Buyers Continue To Take Some Profits