As October draws to a close, Bitcoin has fluctuated after breaking through the $73,000 mark this morning, coming extremely close to its historical high. Is this a trend reversal or a healthy correction?
(Background:
Is the era of high returns in U.S. stocks coming to an end? Analysts warn that the return rate in the next decade may only be 3%)
(Background Supplement:
Looking back at history: Is Bitcoin repeating its previous bull market cycles?)
Table of Contents
Trend reversal or healthy correction?
Cryptocurrency concept stocks rise
Gold hits a new historical high
After reaching an all-time high of $73,787 in March this year, Bitcoin’s price has fluctuated downward for months, nearly dipping to $48,000. However, with the Federal Reserve beginning to cut interest rates, the U.S. presidential election approaching (November 5), and investor optimism about October generally seeing gains…
Bitcoin broke through the $72,500 barrier at midnight and reached a peak of $73,650 at 3 AM, just under $150 away from its historical high! However, selling pressure emerged afterward, and as of the time of writing, it was reported at $72,274, with a 24-hour increase narrowed to 3.6%
Bitcoin price trend. Source: OKX Spot
As for whether Bitcoin is currently experiencing a trend reversal or a healthy correction, it is still unclear. However, it is worth noting that according to Coinglass data, the current open interest in Bitcoin across the entire network has reached $43.32 billion, setting another historical high, likely indicating greater market volatility ahead.
In the past 24 hours, the total liquidation amount across the cryptocurrency network was approximately $255 million, with over 59,000 individuals liquidated. The overall liquidation volume is not particularly large, suggesting that volatility may further increase.
Cryptocurrency concept stocks rise
In the U.S. stock market, the four major indices showed mixed results on the 29th, with the Nasdaq index reaching a new closing high. Following the release of financial reports after the market closed, Google’s parent company Alphabet reported third-quarter revenue exceeding analyst expectations, driving tech stocks higher.
The Dow Jones Industrial Average closed down 154.52 points, a decrease of 0.36%, closing at 42,233.05 points
The S&P 500 index rose 9.45 points, an increase of 0.16%, to close at 5,832.97 points
The Nasdaq index rose 145.56 points, an increase of 0.78%, closing at 18,712.75 points
The Philadelphia Semiconductor Index surged 2.31%, reporting at 5,332.17 points
As Bitcoin remains just a step away from its historical high, cryptocurrency concept stocks have also performed remarkably well recently:
Bitcoin holding leader MicroStrategy saw its stock price briefly surpass $266, setting a new high for the year;
The U.S.-listed exchange Coinbase’s stock price has risen 6.73% over the past five days, closing at $219;
Bitcoin mining companies also performed excellently, with Riot Platforms, CleanSpark, and Marathon Digital all seeing good gains recently.
Gold hits a new historical high
Additionally, this year has seen a rise in risk-averse sentiment in the global capital markets due to factors such as the U.S. presidential election, the Federal Reserve’s interest rate cuts, the end of Japan’s negative interest rate era, and geopolitical conflicts in the Middle East. As a traditional safe-haven asset, gold prices have continued to rise this year, reaching $2,778 per ounce, setting another historical high.
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