As of 12:24 PM IST, Bitcoin rose 1.8% to trade at $64,023, with a daily high of $64,464. Ethereum followed suit, gaining 2.7% to $2,533.
This upward momentum was supported by unchanged U.S. producer prices for September, where a slight increase in service costs was counterbalanced by lower prices for goods. This data points to a favorable inflation outlook and strengthens expectations for a potential interest rate cut by the Federal Reserve next month.
Crypto Tracker
“The crypto market continues to rally following Friday’s bullish U.S. PPI data. With the upcoming U.S. elections and historically strong performance in Q4, a rally is anticipated. BTC’s rise above $64,000 sets the stage for a possible breakout above $70,000 in the coming days,” said the CoinDCX Research Team.“Ethereum has started to outperform Bitcoin, demonstrating solid price action that may continue its upward trend. Key support levels for ETH are $2,330 and $2,200, while resistance levels to watch are $2,550 and $2,700,” CoinDCX added.
Shivam Thakral, CEO of BuyUcoin, noted, “Bitcoin (BTC) has surged 2.13% in the last 24 hours, now valued at $64,162. This uptick aligns with Vice President Kamala Harris’s announcement on enhancing AI governance, which could bolster public trust in technology and positively influence engagement with digital currencies.”Among other major cryptocurrencies, BNB rose by 1%, Solana by 3.6%, Avalanche by 1.9%, Polkadot by 1.3%, and NEAR Protocol by 1%.Stablecoins accounted for $54.26 billion, or 89.56%, of the total 24-hour crypto market volume, according to CoinMarketCap.
Bitcoin’s market cap increased to $1.266 trillion, with its dominance at approximately 56.73%. Bitcoin trading volume surged by 55.2% to $24.88 billion.
Tech View by ZebPay Trade Desk
Bitcoin rebounded sharply after dipping below $60,000 earlier this week; however, maintaining upward momentum has proven challenging for buyers. This dip-buying and rally-selling pattern suggests Bitcoin may enter a tight trading range in the near term. A positive sign is the strong demand at lower levels. Following three days of outflows, U.S.-based spot Bitcoin exchange-traded funds recorded inflows of $253.6 million on October 11. While Bitcoin’s price remains range-bound, analysts are beginning to shift their optimism toward altcoins.
ETMarkets.comBTC faced resistance at the key level of $66,500, correcting nearly 11% to drop to $58,946. Nonetheless, it maintained a close above the psychological level of $60,000. On a broader scale, Bitcoin is trading within a ‘Descending Channel’ pattern. A breakout above this pattern with significant volume may lead to a rally surpassing the previous all-time high of $73,777.
Key Levels:
Support 1: $62,000
Support 2: $56,000
Resistance 1: $66,500
Resistance 2: $73,777