As the crypto market neared the day end on October 29, Bitcoin (BTC) is $300 short of its all-time high value at $73,803 which was last seen in March. As we head to the US elections there is a fair chance that Bitcoin will cross this resistance level. This $73000 peak came at a time when another safe haven Gold hit $2775 mark.
The coin has made a 75% yearly gain as it touched the $73000 mark
The cryptocurrency surged nearly 5% yesterday as ETF inflows increased. This BTC rally could mean a positive appetite for a Bitcoin-friendly Trump administration ahead of the US elections on November 5. Analysts predict that the new high is imminent but the crypto market has to make adjustments to sustain the ATH.
.The week started with a decent 4% rise for BTC which further surged as the bullish sentiment continued. This rapid rise is indicative of a historical peak although there was a warning of some technical pullback which Bitcoin witnessed as it dropped to $72,689.16 in few minutes.
Many crypto analysts say that this support test near the $73000 ATH is crucial to strengthen Bitcoin’s progress. As liquidity concentrates around $70,000, observers note reduced selling resistance, which is a strong signal for investors.
Most analysts are of the opinion that this week will be the week of Bitcoin ATH as the market surges due to the rise in Bitcoin ETFs and the US presidential election.