Bitcoin Bulls Fighting On, Up 90% From A July Low
The bulls kept on the momentum at the Bitcoin market on Tuesday as speculation continued that the largest crypto could regain its record highs.
The flagship crypto remained above $57k at the time of writing, while the wider crypto market fell significantly. Almost $65k is in sight as Bitcoin is up 90% from its low in July
Prices have held within a tight range this week, with a low of $53.6k and a high of $56.4k. Despite the market holding onto gains from the September lows, on-chain activity has started to rise.
The latest rally was fueled by many reasons as they were in previous rallies. An easing of concerns about regulatory efforts in China and the U.S. is among the latest signs of this trend.
Meanwhile, hopes are rising that a Bitcoin ETF may be approved by the Securities and Exchange Commission.
In order for Bitcoin to reach $60k, a new catalyst must emerge, and a quick one might lead to record highs.
In terms of relative strength, Bitcoin is around 70, indicating it is hovering in overbought territory. While the digital coin is volatile, best efforts to determine its future can be overwhelmed by its erratic swings.
There was a long-awaited boost in network activity during the first week of October, increasing the likelihood that new demand is about to enter in the fourth quarter of 2021
Each day, active entities, the number of individuals on the chain, have grown 19% to 291k, hitting a record high last week.
In late 2020 at the dawn of the last bull run, these counts were similar. Early-stage bull markets have historically been characterized by more active participants as the asset gains interest.
Jamie Dimon, the Chief Executive Officer of JPMorgan Chase & Co, told the media that cryptocurrencies are likely to be regulated because Washington has become increasingly concerned about stablecoins and cryptocurrencies generally.
In another virtual meeting of the Institute of International Finance annual membership meeting, Dimon said, “Blockchain can be real and stablecoins can be real.”. “Government is going to regulate them, regardless of what people think,” he said.