Crypto support levels sustain with Bitcoin’s run

  • October 27, 2023
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Bitcoin held on to its trading range above $34,000, which helped maintain the crypto support levels in the bullish zone while traders booked profits.

Crypto bulls were active consistently in the market as Bitcoin traded above $34,000 for another consecutive day. Crypto support levels, as a result, were firm, with positive sentiments floating in the market. Investors and traders might have started booking profits as Bitcoin toned down slightly in the last 24 hours. But optimistic long-term predictions for the crypto market are robust.

The latest crypto surge has led to an increase in users searching ‘Buy Bitcoin’ on Google. The phenomenon might indicate a strong resurgence for crypto worldwide with the current bull run. The UK alone has seen such searches grow by around 800% in the previous week. As retail investors’ interest in crypto rises, the market could see better capital inflows.

At the same time, curiosity has peaked online for probable spot Bitcoin ETFs. Analysts may closely watch the crypto market scenario as the weekend unfolds. If crypto tokens continue trading at the same levels, the month may end with a much higher crypto market capitalization than September.

Although BTC is still trading around 50% lower than its all-time high of $69,000, its yearly returns are upbeat. Most investors could start flocking to the crypto market to grab a share of the surging returns, boosting it further.

BTC/USD 1D price chart

Bitcoin is currently trading at around $34,000 on October 27, 2023, with BTC/USD trading lower by a margin of 1.5% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (29,271.98), as BTC’s 24-hour volume was at around $18 billion. 

Bitcoin has seen around 105.24% returns on a year-to-date basis. 7-day returns for BTC stand at 17.1%, while its 100-day EMA was at around $28,383.50. Bitcoin’s overall market capitalization is trading at around $677 billion. The crypto market cap is currently at over $1.32 trillion.

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