(VIANEWS) – Bitcoin rallied from 29k to 60k in a little less than three months. While some speculate the current Bitcoin bull market to reach 100k, Mark Yusko, a hedge fund manager and founder of Morgan Creek Capital Management, sees problems at $60,000 and calls the cryptocurrency “overbought”. CNBC reports that Mark Yusko, believes that investors will profit from the sharp rise in cryptocurrency over the past few weeks.
Bitcoin has crossed the $60,000 threshold for the first time since April, on Friday. This bullish trend was triggered by excitement over the progress of bitcoin ETFs. The Securities and Exchange Commission is set to approve the first bitcoin futures exchange-traded funds in the United States this week, marking a significant victory for a cryptocurrency industry that has long sought approval from Wall Street’s top regulator following Europe’s BTC ETF lead.
Bitcoin’s Huge Drops Are Over?
According to a new report released by California-based hedge fund Pantera Capital, the Bitcoin (BTC) market’s tendency to crash by more than 80% after logging strong bull runs may be coming to an end. According to the report, recent BTC price drops have been less severe than in the past.
Technical Analysis Hypothesis
BTC’s support could be at $57k right now, or maybe a 60k support level could be on the verge of confirmation. It may be critical for BTC to hold its support level to reclaim and retest previous all-time highs at $64k.
Long-term holders’ on-chain metrics continue to show no signs of aggressive distribution, which is a very bullish signal, indicating they are not interested in selling at $60k.
BTC miners continue to hold, indicating that they still expect higher prices later this year.
What to Expect Soon
The overall crypto market is also approaching an all-time high, having reached more than $2.5 trillion this morning.. This has also been fueled by significant gains in several altcoins over the last week like Ethereum (ETH) or Binance(BNB).
Today’s BTC Data
Bitcoin (BTC-USD) Cryptocurrency is currently on bullish momentum by 2.36% in the last 6 hours. At 20:40 EST on Sunday, 17 October, Bitcoin (BTC-USD) is at $62,455.0000.
Today’s last reported volume for Bitcoin is 30808361883, 30.04% below its average volume of 44041368272.95.
All-Time High and Low
Bitcoin’s current value is at $62455, 4.8% below its all-time high of $64805 on Wednesday, 14 April.
Bitcoin’s current value is at $62455, 90884.87% above its all time low of $64805 on Saturday, 6 July.
Market Cap and Supply
Bitcoin’s current market cap is at 1166905509284. The total supply is 21,000,000.00, maximum supply is 21,000,000.00, and the circulating supply is 18,846,718.00.
Currently, Bitcoin (BTC-USD) has 3424452 Twitter followers and 3442451 Reddit subscribers.
As of now, on Github, there are 30196 forks, 57885 stars, and 3851 subscribers.
Bitcoin’s last week, last month’s, and last quarter’s current volatility was 1.14%, 0.87%, and 2.73%, respectively.
Bitcoin’s current volatility rank, which measures how volatile a financial asset is (variation between the lowest and highest value in a period), was 3.02% (last week), 3.01% (last month), and 2.73% (last quarter), respectively.
Crypto Price Classification
According to the stochastic oscillator, a useful indicator of overbought and oversold conditions, Bitcoin’s crypto is considered to be oversold (<=20).
Other News About Bitcoin (BTC-USD)
- Proshares readies Bitcoin ETF for launch. According to The Wall Street Journal on Friday, 15 October, “The Bethesda, Md., firm filed paperwork Friday afternoon paving the way for the launch next week of its Bitcoin Strategy ETF. “
- Bitcoin briefly hits $60,000 for the 1st time since April as crypto etfs look set for watershed SEC approval. According to Business Insider on Friday, 15 October, “Before investing in a fund that holds Bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,” the tweet said. “
- Jack dorsey’s Square considers building a Bitcoin mining system. According to Bloomberg Quint on Friday, 15 October, “Jack Dorsey said Friday that Square Inc. is considering building a Bitcoin mining system that would be based on “custom silicon and open source for individuals and businesses worldwide.”
- A Bitcoin ETF is almost here. what does that mean?. According to The Wall Street Journal on Saturday, 16 October, “ProShares filed plans Friday, laying the groundwork for the launch of its Bitcoin Strategy ETF. “
More news about Bitcoin (BTC-USD).