![Bitcoin [BTC] begins Q4 with a bang, but will the trend persist?](https://coininsights.com/wp-content/uploads/2023/10/Messari-BTC-1.png)
- During the latest bull rally, BTC’s price went up substantially, even crossing $35,000
- However, BTC’s market indicators turned in the bears’ favor in the recent past
Bitcoin [BTC] recently sparked excitement in the crypto community as it gained bullish momentum. Not only did BTC’s price surge, but it also led the entire crypto market to kickstart a bull rally.
While that happened, we entered the first month of the concluding quarter of 2023. As the month comes to a close, Messari recently posted a report highlighting how the king of cryptos has performed during that period.
Read Bitcoin’s [BTC] Price Prediction 2023-24
A look back at Bitcoin’s previous month
Messari’s recent report talked about several key areas that remained a topic of discussion related to Bitcoin over the last month. For instance, BTC ETFs. The highly anticipated iShares Bitcoin Trust, a spot ETF by BlackRock, made its debut on the Depository Trust & Clearing Corporation website.
As per the report, this was a significant event because it was the first time a Bitcoin spot ETF had been listed on DTCC. Therefore, it suggests that spot ETF approval is becoming more likely. The aforementioned event acted as a key starter for a significant spike in the price of Bitcoin.
Source: Messari
Apart from this, the report also talked about the state of Bitcoin Ordinals. Unlike the coin’s price, this month Ordinals took a blow as its stats declined severely. This was evident from Dune’s data, which revealed that the number of Ordinals inscriptions had dropped substantially since September 2023.
Source: Dune
As per Messari’s report, this decline can be attributed to a single BRC-20 token, SATS, which currently boasts a market cap of $38 million. SATS underwent a fair launch minting process that began in March and ended on September 24, the day the token’s maximum quantity was reached.
Decoding Bitcoin’s bull rally
While all these developments happened, BTC’s price gained bullish momentum, allowing it to cross the $30,000 mark after a long duration. In fact, the king didn’t stop there; it even managed to breach the $35,000 mark for some time in recent days. At the time of writing, BTC was trading at $34,175.89 with a market capitalization of over $667 billion.
It is interesting to note that during the beginning of the month, BTC’s volume remained low. However, things changed when its price went up, as we can see a hike in the metric since then.
Thanks to the price uptick, BTC’s one-week price volatility also shot up in the recent past. Mentioning BTC’s presence in the social community, it was evident from the chart that, after a weeks-long wait, BTC’s social volume spiked right before its bull rally.
Source: Santiment
Is your portfolio green? Check the Bitcoin Profit Calculator
Though the recent price action was bullish, things might not take much time to change. For instance, BTC’s Relative Strength Index (RSI) was in the overbought zone, which can increase selling pressure.
Its price also touched the upper band on the Bollinger Bands. On top of that, Bitcoin’s Chaikin Money Flow (CMF) registered a downtick, which can cause a trend reversal in the days to follow.
Source: TradingView
- During the latest bull rally, BTC’s price went up substantially, even crossing $35,000
- However, BTC’s market indicators turned in the bears’ favor in the recent past
Bitcoin [BTC] recently sparked excitement in the crypto community as it gained bullish momentum. Not only did BTC’s price surge, but it also led the entire crypto market to kickstart a bull rally.
While that happened, we entered the first month of the concluding quarter of 2023. As the month comes to a close, Messari recently posted a report highlighting how the king of cryptos has performed during that period.
Read Bitcoin’s [BTC] Price Prediction 2023-24
A look back at Bitcoin’s previous month
Messari’s recent report talked about several key areas that remained a topic of discussion related to Bitcoin over the last month. For instance, BTC ETFs. The highly anticipated iShares Bitcoin Trust, a spot ETF by BlackRock, made its debut on the Depository Trust & Clearing Corporation website.
As per the report, this was a significant event because it was the first time a Bitcoin spot ETF had been listed on DTCC. Therefore, it suggests that spot ETF approval is becoming more likely. The aforementioned event acted as a key starter for a significant spike in the price of Bitcoin.
Source: Messari
Apart from this, the report also talked about the state of Bitcoin Ordinals. Unlike the coin’s price, this month Ordinals took a blow as its stats declined severely. This was evident from Dune’s data, which revealed that the number of Ordinals inscriptions had dropped substantially since September 2023.
Source: Dune
As per Messari’s report, this decline can be attributed to a single BRC-20 token, SATS, which currently boasts a market cap of $38 million. SATS underwent a fair launch minting process that began in March and ended on September 24, the day the token’s maximum quantity was reached.
Decoding Bitcoin’s bull rally
While all these developments happened, BTC’s price gained bullish momentum, allowing it to cross the $30,000 mark after a long duration. In fact, the king didn’t stop there; it even managed to breach the $35,000 mark for some time in recent days. At the time of writing, BTC was trading at $34,175.89 with a market capitalization of over $667 billion.
It is interesting to note that during the beginning of the month, BTC’s volume remained low. However, things changed when its price went up, as we can see a hike in the metric since then.
Thanks to the price uptick, BTC’s one-week price volatility also shot up in the recent past. Mentioning BTC’s presence in the social community, it was evident from the chart that, after a weeks-long wait, BTC’s social volume spiked right before its bull rally.
Source: Santiment
Is your portfolio green? Check the Bitcoin Profit Calculator
Though the recent price action was bullish, things might not take much time to change. For instance, BTC’s Relative Strength Index (RSI) was in the overbought zone, which can increase selling pressure.
Its price also touched the upper band on the Bollinger Bands. On top of that, Bitcoin’s Chaikin Money Flow (CMF) registered a downtick, which can cause a trend reversal in the days to follow.
Source: TradingView
where to buy cheap clomid where to get cheap clomid without prescription how to buy cheap clomid price can you get cheap clomid pills clomid order where buy generic clomid price can you get generic clomid pills
More posts like this would add up to the online space more useful.
More articles like this would pretence of the blogosphere richer.
oral zithromax 250mg – buy metronidazole generic order flagyl 400mg for sale
rybelsus oral – rybelsus 14 mg oral buy periactin 4 mg pills
purchase motilium generic – order domperidone generic buy cheap generic cyclobenzaprine
inderal price – buy generic propranolol online order methotrexate 10mg without prescription
amoxil tablet – buy combivent 100mcg for sale combivent order online
order azithromycin sale – oral azithromycin 250mg buy bystolic 5mg online cheap
augmentin where to buy – https://atbioinfo.com/ buy ampicillin generic
buy coumadin generic – anticoagulant losartan 25mg ca
purchase meloxicam pills – mobo sin buy mobic 7.5mg online cheap
deltasone order online – apreplson.com order deltasone 10mg without prescription
buy ed pills online usa – natural ed pills medication for ed dysfunction
cheap amoxil online – https://combamoxi.com/ buy amoxil generic
diflucan order – https://gpdifluca.com/# diflucan 100mg usa
cenforce drug – click order cenforce 100mg generic
how long does cialis take to work 10mg – buying cialis without a prescription where can i buy tadalafil online
cialis without a doctor prescription canada – https://strongtadafl.com/ cialis black 800 to buy in the uk one pill
This is a theme which is virtually to my callousness… Diverse thanks! Faithfully where can I notice the connection details in the course of questions? cenforce fm para que sirve
buy viagra discount – viagra generic viagra pfizer 50 mg
This is a question which is near to my callousness… Myriad thanks! Exactly where can I lay one’s hands on the acquaintance details due to the fact that questions? https://ursxdol.com/prednisone-5mg-tablets/
I am in point of fact enchant‚e ‘ to glance at this blog posts which consists of tons of useful facts, thanks for providing such data. brand gabapentin 800mg
This is the type of delivery I recoup helpful. https://prohnrg.com/product/atenolol-50-mg-online/
I am in truth delighted to glance at this blog posts which consists of tons of useful facts, thanks object of providing such data. stromectol chat
The thoroughness in this piece is noteworthy. https://ondactone.com/simvastatin/
More articles like this would remedy the blogosphere richer. motilium order
Greetings! Extremely serviceable recommendation within this article! It’s the crumb changes which will espy the largest changes. Thanks a portion towards sharing! http://3ak.cn/home.php?mod=space&uid=229259
order forxiga 10 mg pills – buy dapagliflozin 10 mg generic forxiga brand
order orlistat without prescription – xenical pill purchase xenical online