The post Bitcoin Bears in Hibernation-Here’s What Awaited for the BTC Price Rally Ahead of the Monthly Close appeared first on Coinpedia Fintech News
The most-awaited moment is here—the Bitcoin price is about to form a new ATH anytime from now. The rise above $73,500 during the previous trading day has ascertained the potential of the token to create a new ATH before the end of the month. The start of the month sent shock waves across the market, raising concerns over ‘Uptober’. However, the growing dominance and value of Bitcoin suggest that greener days are fast approaching.
The price of 1 BTC closed the day’s trade on the highest note above $72,600 after marking new monthly highs, 2% to 3% close to the ATH. With this, the probability of a new ATH is extremely high, while multiple reasons have been fueling the rally. Wall street is expected to have a major role in elevating the price levels as the surge close to the ATH occurred after the Wall Street opening bell.
Currently, the bulls are firmly in control as they are gearing up to destroy the final resistance before the ATH and push the price for that historic milestone.
The 24-hour liquidation heatmap from Coinglass indicates the BTC price may not face any barrier in forming new highs or remaining consolidated within the discovery phase. However, the piled shorts at $70,500 or $71,200 suggest the traders expect the token to face a rejection that may drag the levels back to the support. However, a popular analyst, Michael van de Poppe, sees a catalyst: this week’s U.S. unemployment data, which could help the BTC price reach new highs.
The analyst highlights the Jop openings (first datapoint) to be at the worst point since April 2021, while Bitcoin is witnessing a tremendous amount of inflow in the ETF. If the unemployment and labour markets become weaker, the yields may begin to fall. This could be when the DeFi may gear up, elevating the ETH price as well. The analyst believes the altcoins may begin to thrive, expecting a Dot. com-type bull cycle.
The upcoming presidential election, growing spot ETF enthusiasm and Bitcoin’s dominance over the equity markets are all fueling the rally and hence a new ATH above $75,000 appears to be imminent before the monthly close.