Bitcoin’s Surge Past $62,000 May Boost APT, WIF, FTM, and BGB — Insights from TradingView News

Bitcoin


BTCUSD

is aiming to conclude this week with a price above $62,500, which surpasses the week’s earlier low near $60,000, a sign of accumulative purchasing at lower price points. Despite a lackluster start in what is historically the strongest month for Bitcoin, October, market commentators are optimistic about the potential increase in momentum moving forward.

One encouraging factor for the crypto market is the near-certainty predicted by CME Group’s FedWatch Tool, which indicates a 97% chance of a 25 basis-point rate cut by the Federal Reserve on November 7. Such a rate reduction is anticipated to foster a risk-appetite environment.

Another dynamic that could herald a bullish trend for Bitcoin is the waning balance of Bitcoin held in central exchanges. Current metrics from CryptoQuant indicate that the number stashed on exchanges has dipped to its lowest since November 2018, totaling over 2.8 million Bitcoin. Typically, such a squeeze in liquidity is followed by an ascent in price.

Is the potential resurgence in Bitcoin’s valuation poised to spark a rally among altcoins? We’ll analyze the top five cryptocurrencies demonstrating strength in their chart patterns.

This article does not provide investment guidance or recommendations. All financial ventures come with inherent risk and readers should perform their due diligence before making investment decisions.