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Bitcoin rockets toward 72-week high

Bitcoin rockets toward 72-week high

On October 23, 2023, Bitcoin (BTC) made another headlining move. With its value currently pegged at $30,582, Bitcoin has experienced a commendable uptrend.

Within a 24-hour window, it has leapt forward by 2.12%, and if we stretch that timeline to encompass the past week, we see a robust 8.61% ascent. 

These numbers are not just impressive on their own, but they also hint at Bitcoin’s trajectory toward a momentous 72-week high. For those looking for a historical touchstone, you’d have to dial back to early March 2022 to find Bitcoin showcasing similar stellar performance.

Bitcoin chart 72-week spike. Source: BTC_Archive

Bitcoin price analysis

Delving deeper into Bitcoin’s performance canvas, the digital currency’s tenacity and vigor are nothing short of impressive. Its trajectory over the last year paints a picture of resilience, with a staggering 60% surge. 

BTC 1-year price chart. Source: Finbold

When one situates Bitcoin amidst the expansive and often volatile cryptocurrency milieu, its dominance becomes even clearer. Out of the top 100 crypto assets, Bitcoin’s annual yield has eclipsed a whopping 90% of them.

Meanwhile, Ethereum, frequently hailed as Bitcoin’s closest rival and the next prodigy in the crypto realm, has lagged, unable to surpass Bitcoin’s year-to-date accomplishments.

From a technical analysis standpoint, Bitcoin’s current standing is equally, if not more, illuminating. It confidently towers above its 200-day simple moving average. For those versed in market analytics, this is a bullish sign, indicative of potential upward movements.

The general market sentiment, too, mirrors this optimism. A snapshot of the last month reveals that half the days—15 out of 30—witnessed a closing in the positive, a testament to the prevailing buoyancy.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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