Bitcoin had a classic dip last Sunday, but the market became bullish, and its price reached $60,000. Here are the 5 top things about Bitcoin to keep an eye on.
1. Excellent hedge against inflation
Inflation continues to bother the US economy. The Federal Reserve of the United States accepts that it would remain high for a long time. However, the picture is brighter when the spotlight moved to the price triggers of Bitcoin. After all, it is a hedge against inflation.
2. Track the bullish run
While last Sunday was weak for Bitcoin, Monday, October was certainly bullish as the price of Bitcoin surged beyond 62,000 USD. There was a dip of 10 percent from the new all-time high value of 67,100 USD. As bearish sentiments started surfacing, analysts debated that even a price of 50,000 USD would mean solid price action.
3. VanEck ETF went live on October 25
There was another reason for the bullish behavior of institutional investors. That’s because BTC witnesses another exchange-traded fund going live.
4. Investors are wary
There is a change in the sentiments of the crypto investors on the market contrary to earlier in the month. There could be further price upside, albeit slow but may continue for a much longer period.
5. No significant exchange sell-offs
According to a report by Cointelegraph, exchanges are a major focus under prevailing market conditions. There has been a drop in the amount of BTC held on crypto exchanges. These increased since the price crash in May. During the bullish period, mass inflows of Bitcoin to crypto exchanges send a signal to the price level at which people plan to sell. Therefore there is a possible price top.