The crypto market ended the week on a strong note as Bitcoin briefly spiked above $30,000 for the first time since August 9 amid rising geopolitical tensions and bond yields.
- The cryptocurrency market ended the week on a strong note as Bitcoin briefly spiked above $30,000 for the first time since August 9 on the back of increasing geopolitical tensions, surging bond yields, and rising optimism that a spot BTC ETF will be approved within the next several months.
As the U.S. market closed for the week, the S&P, Dow, and Nasdaq all finished lower, down 1.26%, 0.86%, and 1.53%, respectively. “This year, exact same thing is happening as Bitcoin is touching $30,000, the month of October positive with a more than 10% return on the price of Bitcoin.” “The total market capitalization for crypto is currently reclaiming the 200-week EMA in which we're breaking back above,” he said. “That's a sign of strength and additionally, it's holding the range-low. The range-low is currently sustaining which is vital if we want to have upward momentum.”Poppe said that Bitcoin breaking through $30,000 is key to the uptrend extending.
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