During the European session, Bitcoin remains bullish, having gained over 5% in the last 24 hours to trade at €20,475 per coin. In the last 24 hours, the total value of all cryptocurrencies increased by €66 billion, or +7%, to €994,06 billion. As a result, the rest of the cryptocurrency market boomed, with many large-cap companies posting double-digit gains.
A number of fundamentals keep Bitcoin bullish, can we expect BTC to rise further and is now a good time to buy? Let's find out.
A bullish trend in the US stock market to maintain BTC support
Stock indices in the United States rose, extending a market rally that had already pushed the Dow Jones Industrial Average to a six-week high. US Treasury rates fell on gloomy consumer confidence data and rising cost-of-living concerns, helping push US stocks higher for a third day in a row.
S&P500 Price Chart - Source: TradingviewThe Nasdaq Composite rose more than 246 points, or 2,3%, to €11.199, while the S&P 500 rose more than 60 points, or 1,6%, to €3.859. Dow Jones industrials gained more than 335 points, or 1,1%, to $31.836.
After a series of aggressive interest rate hikes to combat inflation, markets are now welcoming the prospect of an easing in Federal Reserve policy. Also, rising stock prices are driving the rise in cryptocurrency values. Because these two asset classes are inextricably linked.
Bitcoin price prediction: is it time to buy?
The current price of Bitcoin is €20 and the 578-hour trading volume is €24 billion. Bitcoin is up more than 65% in the last 5 hours. CoinMarketCap currently holds the top spot, with a live market cap of €24 billion, up from €394 billion in today's Asian session.
Bitcoin Price and Tokenomics - Source: coinmarketcapBitcoin is trading strongly higher during the European session after breaking out of the symmetrical triangle pattern at €19,250. As predicted in the Bitcoin price prediction for October 26, the BTC/USD pair traded higher, breaking through the immediate resistance levels of €19 and €600.
Earlier today, Bitcoin broke the €20,430 triple resistance level and the close of the “three white soldiers” candlestick pattern suggests possibilities of a new uptrend. The RSI and MACD remain in the buy zone, which suggests an uptrend; likewise, the 50-day moving average suggests buying above €19,400.
So, due to the breakout of a triple top pattern, the buying trend could extend to €21,000 or €21,900. However, if the current uptrend continues, BTC could reach €23,000.
Bitcoin Price Chart - Source: TradingviewOn the other hand, immediate support for Bitcoin remains near €20.400 or €20.000 (psychological level). Today, investors should look for long positions above €20,400.
Alternative - Dash 2 Swap in Highlights
With over €2.5 million raised in less than a week, the Dash 2 Trade presale is set to become one of the biggest token sales of the year. The increase in the price of D2T from 0,0476 to 0,05 USDT does not appear to have significantly slowed down the transaction as it moved from stage one to stage two.
Dash 2 Trade is an Ethereum-based platform that aims to provide its users with a variety of real-time analytics and social trading signals; the total amount raised so far represents a significant vote of confidence in the platform.
After completing its presale, the company intends to launch its platform in the first quarter of 2023, with its D2T token expected to be listed on various exchanges. You can still participate in the Dash 2 Trade presale and buy D2T tokens for 0,05 USDT.
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Cryptocurrency Price Tracker - Source: Cryptonews