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Bitcoin Price Hits $65K Since August, Will BTC Reach $80K in Uptober?
The Bitcoin price has hit $65,000 for the first time since early August, thanks to several recent developments that provide a bullish outlook for the flagship crypto. These developments are also why there is the belief that this BTC rally can extend, with its price rising to $80,000 in Uptober, a term used to describe Bitcoin’s bullish nature in October.
Bitcoin Price Can Reach $80,000 In Uptober
Several factors support the Bitcoin price reaching $80,000 in October. One is the macro side, which has provided a major boost for the crypto market, with investors again allocating a significant amount of their capital to risk assets. These macro developments began with the US Fed rate cuts last week when the Federal Reserve cut interest rates by 50 basis points (bps).
This week, the People’s Bank of China (PBoC) also announced interest rate cuts and stimulus policies to improve the country’s economy. CoinGape reported that that move was bullish for BTC, noting that the Bitcoin price targets $100,000 following China’s stimulus package and its crypto trade with Russia.
Meanwhile, the latest US GDP data and jobless claims showed that the US economy is healthy, supporting the Fed’s move to cut interest rates by two more 25 bps this year. These world governments will continue adopting monetary easing policies to boost their economies.
In line with this, more liquidity will flow into the BTC ecosystem in October. A Coingape report states that this market liquidity will aid Bitcoin’s surge, which is one of the reasons why its price is likely to keep rallying in October.
From A Historical And Technical Perspective
From a historical and technical perspective, the Bitcoin price also looks poised to rally to $80,000. Coinglass data shows that October has been one of the most profitable months for BTC in the last eight years.
For context, the flagship crypto has only recorded monthly losses once in October over this period. Moreover, Bitcoin’s gains in October have been double digits. The only time the crypto recorded a single-digit gain was in 2022 when it closed the month with a 5% gain.
In his recent analysis, crypto analyst Jelle suggested that Bitcoin can reach $80,000 in October. The analyst noted that the market structure is now bullish, considering that BTC has breached the $65,000 resistance level. The analyst’s accompanying chart showed that $80,000 was the price target as the flagship crypto continues its uptrend.
Market Volatility Ahead Of October
A lot could still happen between now and Uptober, with the Bitcoin price gearing up for heavy market volatility. CoinGape reported that 89,027 Bitcoin options will expire today, with a notional value of $5.8 billion. The put-call ratio is $0.64, which suggests a bullish sentiment ahead.
The US Core PCE inflation data is also set to be released today by 1:30 p.m. UTC. This could also spark a lot of volatility for the BTC price. The current forecast is that the PCE price index rose by 0.2% in August.
For now, $65,000 remains the key level that Bitcoin bulls must defend if the BTC rally is to extend. Crypto analyst Ali Martinez revealed that 57.77% of Binance users with open positions are currently shorting BTC. This is also something to watch out for, although Bitcoin is currently on course to record its most profitable September ever, having surged by over 10% this month.
At the time of writing, the BTC price is at around $65,400, up over 2% in the last 24 hours. Trading volume is up over 57%, with $39 billion traded during this period.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto Prices Today, November 20: The crypto market experienced mixed sentiment as Bitcoin touched $94K intraday, marking a new all-time high, before settling above $92K. Major altcoins showed negative sentiment, with declines of 2-3% over the last 24 hours. Meanwhile, GOAT and BONK emerged as top gainers, surging 8-13% in the same period.
The global crypto market cap dropped by 0.3% in the past day, standing at $3.07 trillion. Total trading volume reached $179 billion, reflecting a 10% decline from the previous day.Here’s a look at some leading cryptocurrencies by market cap and their price movements today.
Crypto Prices Today: BTC Hits $94K ATH While SOL, ETH, and XRP See Declines
Bitcoin touched an all-time high of $94K in intraday trading today before facing a rejection, currently holding above $92K. GOAT and BONK led the market, posting impressive gains of 8-13% over the last 24 hours. Major altcoins experienced slight turbulence, with most trading 2-4% lower. Meme coins showed mixed sentiment; DOGE rose by 1%, while SHIB dropped 3% in the same period.
Bitcoin Price Today
Bitcoin price is up by 0.5% over the last 24 hours, currently trading at $92,050. The coin’s intraday low and high are $91,059 and $94,002, respectively. BTC’s market cap stands at $1.81 trillion with a 24-hour trading volume of $75 billion, reflecting a market dominance of 59.21%.
According to sosovalue, daily inflows have reached $600 million, although data from BlackRock and Grayscale is yet to be updated. The debut of Bitcoin ETF options on Nasdaq, including BlackRock’s iShares Bitcoin Trust ETF (IBIT), has sparked a surge in demand. This pivotal development offers investors new tools for hedging risks and managing exposure to Bitcoin’s price fluctuations.
Ethereum Price Today
Ethereum is down by 2.33% in the last 24 hours, currently trading at $3,087. The 24-hour low and high for ETH are $3,070 and $3,160. With a market cap of $371.5 billion and a 24-hour trading volume of $28 billion, Ethereum holds a market dominance of 12.51%, making it the second-largest cryptocurrency in the world. The price decline is also reflected in Ethereum ETFs, with a daily outflow of $67 million, though BlackRock and Grayscale’s inflow data is awaited.
Solana Price Today
Solana is currently trading at $232, showing a 4.5% decline over the last 24 hours. The 24-hour low and high for SOL are $231 and $247, respectively. With a market cap of $110 billion, Solana ranks as the fourth-largest cryptocurrency in the world. Its 24-hour trading volume stands at $6.87 billion, with a market dominance of 3.61%.
XRP Price Today
XRP is currently trading at $1.08, reflecting a 4% drop in the last 24 hours. The 24-hour low and high for XRP are $1.0738 and $1.138, respectively. XRP’s 24-hour trading volume is $5.74 billion, with a market dominance of 2%. On a positive note, XRP whales moved 210 million coins, sparking rumors of a partnership with Cardano.
Meme Crypto Prices Today
Dogecoin price saw a gain of approximately 1.3%, currently trading at $0.38. Its 24-hour low and high are $0.3767 and $0.4183, respectively. On the other hand, Shiba Inu (SHIB) is down by 3% in the last 24 hours, now trading at $0.00002404. Its 24-hour low and high are $0.00002409 and $0.00002601, respectively.
Top Crypto Gainers Prices Today
Goatseus Maximus
Goatseus Maximus is currently up by 12%, trading at $1.20. Its 24-hour low and high are $0.9988 and $1.231, respectively.
BONK
BONK is trading at $0.00005609, reflecting a 10% increase in the last 24 hours. Its 24-hour low and high are $0.00004847 and $0.00005768. The market volume stands at $4.23 billion.
UNUS SED LEO
UNUS SED LEO (LEO) is currently trading at $8.50, showing a 9% increase over the last 24 hours. The 24-hour low and high are $7.73 and $8.50, with a market cap of $7.85 billion.
Top Crypto Losers Prices Today
Hedera
Hedera (HBAR) is currently trading at $0.1258, reflecting a 16% decrease over the last 24 hours. Its 24-hour low and high are $0.1241 and $0.1561, respectively, with a market cap of $4.69 billion.
Akash Network
Akash Network (AKT) is currently trading at $3.813, showing a 12.7% decline in the last 24 hours. The 24-hour low and high are $3.779 and $4.494, respectively.
The hourly time frame charts show a positive trend with BTC up by 0.02%. However, ETH has experienced a slight decline of 0.1% during the same period.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Solana (SOL) price in the last 24 hours has shown bullish momentum, with its price ranging between $247.09 and $234.15. However, at press time, Solana is trading at $237, reflecting a 1.08% decline from a key resistance level.
Despite this minor retracement, analysts predict that Solana could be on the cusp of a breakout this week, potentially setting a new all-time high.
Will Solana Price Rise This Week?
Solana’s recent price performance aligns with strengthening on-chain metrics, suggesting a positive trend for the cryptocurrency. Open Interest (OI) for Solana reached a record high of $5.45 billion earlier this week, according to Coinglass data. This increase indicates growing liquidity and the entry of new funds into Solana’s market, a typical indicator of strong buying activity.
Additionally, data from DefiLlama shows Solana’s weekly trading volume surged to $41.60 billion in mid-November, the highest in its history since 2020. This represents a sharp rise from $18.14 billion recorded just a week earlier. The rise in trading activity suggests heightened market participation and confidence in Solana’s ecosystem.
DefiLlama also reports that Solana generated $49.64 million in transaction fees last week, setting another record. This increase in network activity bolsters the platform’s overall bullish outlook, showing that both traders and developers are actively engaging with the chain.
SOL Technical Indicators Point Toward ATH
Technical chart patterns for SOL price indicate the potential for continued upward momentum. Analysts have identified a bullish cup-and-handle formation on Solana’s monthly chart, which historically carries a 95% success rate for further gains. Independent crypto analyst Titan of Crypto explained, “Once Solana clears its previous all-time high, it could surge toward $400.”
Meanwhile, shorter-term analysis identifies key resistance levels at $260 and $278. A break above these levels could trigger a rally, while support remains strong at $220. Analysts believe the $360-$400 range is achievable once Solana price breaks past its current resistance.
Another bullish pattern noted by crypto researcher Aylo highlights Solana’s potential to outperform Ethereum. Aylo stated,
“If SOL reaches a new all-time high against Bitcoin, it will achieve something Ethereum didn’t manage in the last cycle.”
Bullish Pennant Formation Signals Further Gains
A key bullish indicator for Solana price lies in its technical chart, which displays a bullish pennant pattern. This pattern, formed after a strong upward price movement followed by a consolidation phase, typically signals the continuation of the previous uptrend.
A breakout above the pennant’s upper boundary, which aligns with the $260 resistance level, could ignite a fresh rally. Analysts predict that the move from this pattern could push Solana toward the $290-$300 range. However, failure to hold support at $220, the lower boundary of the pennant, could invalidate this bullish outlook. However, with the RSI moving below its signal line with a rating of 53, the bullish momentum may be dwindling.
Moreover, the MACD blue line has made a bearish crossover which is a sign of waning bull rally. The histogram has alos shifted into the negative region hinting at increased selling pressure in fear of more SOL price dips.
More Crypto Online, a crypto market analyst, commented,
“The bullish pennant pattern suggests the rally could extend into new all-time highs if Solana clears the $260 level convincingly.”
Analysts Eye Key Levels for Breakout
Market analysts are closely watching Solana’s price as it hovers near key resistance levels. More Crypto Online, a crypto analyst, noted that Solana is “following a 5-wave cycle” and could soon target $360 in the coming months. They added that a break below $212 could signal a larger pullback, but the overall structure remains bullish.
Furthermore, historical price patterns indicate that SOL price could follow a trajectory similar to its 2021 rally, which led to massive gains. Miles Deutscher, a crypto market observer, tweeted, “Solana is repeating the same pattern from 2021, which could take it to $780 in the longer term.”
While the current price hovers below its all-time high of $260, analysts believe that a breakout above this level could lead to rapid price discovery, with targets set at $276 and beyond.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Coinbase has officially announced plans to suspend trading for Wrapped Bitcoin (wBTC) starting December 19, 2024. Users will retain the ability to transfer their wBTC tokens off the exchange even after the delisting. The crypto exchange stated that this decision follows routine asset reviews to ensure compliance with its listing standards.
Coinbase Suspends wBTC Trading Amid Push For Exchange’s cbBTC
According to a recent post on X, Coinbase confirmed it will stop supporting Wrapped Bitcoin trading next month, though users will still have the option to move their tokens to external wallets. The exchange emphasized its commitment to maintaining a secure and compliant platform, explaining that the decision stems from its periodic reviews of listed assets.
In response, the WBTC team expressed its disappointment and surprise at Coinbase’s decision to delist Wrapped BTC. It emphasized its unwavering commitment to providing the most compliant, transparent, and decentralized BTC tokenization product.
The team added,
“We urge Coinbase to reconsider this decision and continue supporting WBTC trading. If you have any questions or suggestions, please feel free to reach out to us. We are more than willing to provide additional information to address any concerns.”
This development comes as the top crypto exchange increasingly focuses on promoting its proprietary wrapped Bitcoin product, cbBTC. The cbBTC token, introduced earlier this year, has rapidly gained traction and reached a market capitalization of $1.5 billion. This poses a direct competition to wBTC. The delisting decision coincides with cbBTC’s growth as a preferred tokenized Bitcoin solution.
In August, BitGo, the primary custodian of wBTC, announced it would relinquish partial control of the protocol to BiT Global and Justin Sun, founder of TRON. This partnership has led to widespread concerns across the crypto sector due to Sun’s controversial reputation and his growing influence over the ecosystem.
As part of the collaboration, custody responsibilities were distributed across multiple entities to enhance operational resilience. However, critics argue that Sun’s involvement raises questions about governance and compliance. This has prompted several platforms to reassess their stance on wBTC. For instance, MakerDAO imposed restrictions on minting its DAI stablecoin using wBTC as collateral, while Aave initiated active monitoring of the situation.
cbBTC Gains Momentum As Alternative
While wBTC faces scrutiny, Coinbase’s cbBTC has emerged as a strong competitor. Positioned as a centralized custodian product, cbBTC allows users to access Bitcoin liquidity on Ethereum and other blockchains. Coinbase has marketed cbBTC as a transparent and secure alternative, reassuring users with regular audits by Deloitte.
The exchange has actively promoted cbBTC, highlighting its seamless integration with DeFi protocols and support for institutional clients. Despite criticisms from Justin Sun over the lack of Proof-of-Reserve and potential government intervention risks, the exchange maintains that cbBTC complies with regulatory requirements.
In response to Sun’s allegations Coinbase CEO Brian Armstrong defended the product, reiterating its operational transparency. Armstrong clarified that cbBTC has always been presented as a custodian-based product, with all transactions settled on-chain. He dismissed concerns about government intervention as speculative, emphasizing commitment to securing client funds.
Amid these concerns, Brian Armstrong is set to meet with President-elect Donald Trump to discuss cryptocurrency policy and potential advisory roles in the incoming administration.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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