Bitcoin Surges Past $73K As Bull Market Gains Momentum

Bitcoin’s recent performance has been impressive, with its price climbing over 8% to break the $73,000 mark.

This rally has been fueled by factors like strong inflows into spot ETFs, renewed monetary easing across major economies, and growing optimism for crypto-friendly policies under a potential Donald Trump presidency.

A key factor driving this bull market is the shift towards leveraged bets, with more Bitcoin now being deposited into futures exchanges rather than spot exchanges.

This trend suggests rising demand for BTC derivatives, reflecting a surge in market interest and a revival from the stagnation that followed earlier in the year. Bitcoin demand has now returned to levels last seen in February, signaling renewed momentum that could support an extended bull phase.

Is Bitcoin’s Next Peak At Over $170,000?

At $72,000, some may worry about late entry into the market. However, historical patterns point to more upside potential. Bitcoin’s MVRV Ratio recently crossed above its 365-day SMA, often a strong indicator of bull market rallies.

Based on previous cycles, Bitcoin has peaked within the 1.618 to 2.272 Fibonacci retracement levels, hinting that the next peak could be anywhere between $174,000 and $462,000.

Bitcoin’s spot ETF market is also making history, with its net asset value reaching $72.545 billion, representing 5.07% of Bitcoin’s total market cap—the first time this percentage has been surpassed. On October 29, spot ETFs saw a net inflow of $870 million, the third-highest single-day inflow on record. BlackRock’s IBIT ETF led with $643 million, while Fidelity’s FBTC added $134 million.

As institutional investment and market enthusiasm grow, Bitcoin appears poised for sustained upward movement, hinting that this rally may only be the start of a much larger bull run.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: designer491/123RF // Image Effects by Colorcinch

Source: https://nulltx.com/bitcoin-surges-past-73k-as-bull-market-gains-momentum/