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Latest Bitcoin Update: BTC’s Value Inches Towards Peak Levels as It Crosses $72K

In recent coverage by Cointelegraph, it was reported that Bitcoin (BTC) has experienced a noteworthy price jump, exceeding the $72,000 mark after the commencement of trading on Wall Street on October 29. This leap has positioned Bitcoin tantalizingly close to surpassing its highest recorded value, now a mere $1,000 away. Market data from Cointelegraph Markets Pro and TradingView indicates BTC/USD has enjoyed an approximate 4% rise within a span of 24 hours, with this positive trend kick-started in Asia’s trading sessions and persisting due to increased purchasing activity.

A new spotlight falls on the BTC/USD 1-day chart, presenting the insights of Keith Alan from XTrader: An Imminent Pullback Expected Ahead of Further Gains.
Market experts maintain a cautiously upbeat stance, suggesting a short-term dip for supportive confirmation is likely before Bitcoin attempts to eclipse its historic price mark. Keith Alan, who co-founded Material Indicators, remarked on the potential temporary suppression of bearish behavior following Bitcoin’s crossing over the $72,000 threshold, while also advising to watch for support-level retests prior to any assertive move toward record-breakers.

BTC liquidation temperature map (image provided). Courtesy of CoinGlass.
Adding to the conversation, the well-regarded market analyst Michaël van de Poppe pointed out the synchronicity of Bitcoin’s push towards record prices with essential unemployment data due for release in the U.S. within the week, a development that may sway Bitcoin’s price direction. This prediction is buttressed by a pronounced concentration of liquidity around the $70,500 mark, as demonstrated in the Bitcoin heatmap from CoinGlass.

Sector-Wide Trend Analysis: Global Events and ETFs Bolster Bitcoin’s Positive Outlook
QCP Capital has noted that a blend of factors is playing into Bitcoin’s ascending trajectory, including the uncertainty surrounding the U.S. presidential elections, an accelerated interest in spot Bitcoin ETFs, and a strong showing in the equity markets overall. Additionally, Bitcoin futures have seen a surge in open interest, reaching a pinnacle for the year 2023 at $23 billion, reflecting a market sentiment heavily skewed towards the bullish camp.

BTC/USDT 12-hour chart with integrated RSI readings. Provided by Michaël van de Poppe/X
As Bitcoin edges nearer to its apex prices and anticipatory volatility for forthcoming events mounts, trading circles remain abuzz with the potential for a significant market breakthrough.