{"id":86118,"date":"2023-10-24T08:42:35","date_gmt":"2023-10-24T05:42:35","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=86118"},"modified":"2025-09-13T03:29:02","modified_gmt":"2025-09-13T00:29:02","slug":"bitcoin-price-tests-35000-as-rally-resumes","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-price-tests-35000-as-rally-resumes\/","title":{"rendered":"Bitcoin price tests $35,000 as rally resumes"},"content":{"rendered":"<div class=\"wp-block-text-wrappers-keypoints article_keypoints\">\n<ul class=\"wp-block-list\">\n<li>Bitcoin cleared $35,000 on the back of a surge in trading volumes. The last time the cryptocurrency traded at such levels was in early May 2022.<\/li>\n<li>The rally of the market leader revived altcoins. For example, Ethereum rose above $1,800.<\/li>\n<li>Tech analysts expect the rally to continue. Many believe that, amid positive expectations regarding the approval of a spot <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-a-cryptocurrency-etf\">ETF<\/a>, Bitcoin could reach $40,000 in the coming months.<\/li>\n<\/ul>\n<\/div>\n<p>The leading cryptocurrency rose by 11.7% in the last 24 hours, testing the $35,000 level.<\/p>\n<p>At a local peak, the market value of digital gold reached $35,280 (BTC\/USDT pair, Binance exchange).<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"471\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/btcusd1h-1024x471.png\" alt=\"btcusd1h\" class=\"wp-image-218614\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/btcusd1h-1024x471.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/btcusd1h-300x138.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/btcusd1h-768x353.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/btcusd1h.png 1046w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Intraday BTC\/USDT chart. Data: <a href=\"https:\/\/www.tradingview.com\/x\/aZG1Yoy2\" title=\"TradingView\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>At the time of writing, the asset was trading around $34,400, up 22.2% for the week.<\/p>\n<p>\u201cAs is typical, Bitcoin led the broader market higher, but none of the top-10 alts outperformed the flagship in daily gains.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"510\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-644-1024x510.png\" alt=\"2-644\" class=\"wp-image-218616\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-644-1024x510.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/2-644-300x149.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/2-644-768x382.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/2-644.png 1296w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>Total market capitalization of cryptocurrencies reached $1.3 trillion. Bitcoin dominance index at 51.3%, according to CoinGecko.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"508\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Coinglass-1024x508.png\" alt=\"Coinglass\" class=\"wp-image-218620\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Coinglass-1024x508.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Coinglass-300x149.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Coinglass-768x381.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Coinglass-1536x762.png 1536w, https:\/\/u1f987.com\/wp-content\/uploads\/Coinglass.png 1715w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.coinglass.com\/LiquidationData\">Coinglass<\/a>.<\/figcaption><\/figure>\n<h2 class=\"wp-block-heading\">Hype ahead of the ETF<\/h2>\n<p>Many experts point to expectations of approval for a spot ETF in the United States as one of the main drivers of the current rally.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cOver the past few days we have seen a very rapid rise in Bitcoin price. This is directly linked to heightened expectations for a Bitcoin ETF this year,\u201d \u2014 <a href=\"https:\/\/www.theblock.co\/post\/259100\/bitcoin-ticks-above-35000-as-spot-etf-hype-builds\" title=\"\u043e\u0442\u043c\u0435\u0442\u0438\u043b\u0430\">\u043e\u0442\u043c\u0435\u0442\u0438\u043b\u0430<\/a> senior trader at Metalpha Lucy Hu.<\/cite><\/p><\/blockquote>\n<p>According to her, another possible reason is the ongoing tensions in the Middle East, prompting institutional investors to diversify risks via the leading cryptocurrency.<\/p>\n<p>WOO Network co-founder Jack Tang also suggested that digital gold is rising in anticipation of a spot ETF. In addition, the asset serves as \u201ca hedge against geopolitical shocks that require higher government spending and money printing.\u201d<\/p>\n<p>Analyst and founder of MN Trading, Micha\u00ebl van de Poppe, expressed confidence that new financial products will be approved with a 99% probability.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Good morning<\/p>\n<p>\u2014 <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> hits $35,000 overnight and reaches new yearly high.<br \/>\u2014 Spot ETF has 99% chance to be approved.<br \/>\u2014 Matter of time until altcoins will be picking up pace.<\/p>\n<p>Great times.<\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1716678592682176834?ref_src=twsrc%5Etfw\">October 24, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The trader added that the altcoin rally is only a matter of time.<\/p>\n<h2 class=\"wp-block-heading\">What\u2019s the next target?<\/h2>\n<p>Matrixport analysts drew attention to a sharp rise in the Bitcoin futures funding rate, signaling a \u201cFOMO-driven market\u201d.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">? Bitcoin Update: FOMO Returns! ?<\/p>\n<p>The <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> futures funding rate is sky-high, signaling a FOMO-driven market. Bitcoin dominance at 52.1%, with volumes soaring at $29bn traded in 24 hours. <\/p>\n<p>Our 2023 target of $45,000 is on track, thanks to our proven trading models.\u2026 <a href=\"https:\/\/t.co\/tiTqRMQl2b\">pic.twitter.com\/tiTqRMQl2b<\/a><\/p>\n<p>\u2014 Matrixport (@realMatrixport) <a href=\"https:\/\/twitter.com\/realMatrixport\/status\/1716672362979135802?ref_src=twsrc%5Etfw\">October 24, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Experts are confident that, this year, digital gold will reach $45,000. This is, in particular, indicated by the bullish technical-analysis figure the &#8220;Ascending Triangle&#8221;.<\/p>\n<p>The trader known as Titan of Crypto looked at the monthly chart and saw a \u201cBullish flag.\u201d According to his calculations, Bitcoin will reach $40,300 as early as next month.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> at $40,300 next month. ?<\/p>\n<p>On the Monthly timeframe a MASSIVE Bull flag \u26f3\ufe0f could be playing out in a no so distant future. <\/p>\n<p>If it were to play out the target would be target 2 at $40,300 ?.<\/p>\n<p>An intermediate target would be the SSB line of the kumo cloud at $36,000.\u2026 <a href=\"https:\/\/t.co\/HyP25BVYx0\">pic.twitter.com\/HyP25BVYx0<\/a><\/p>\n<p>\u2014 Titan of Crypto (@Washigorira) <a href=\"https:\/\/twitter.com\/Washigorira\/status\/1716039399304056843?ref_src=twsrc%5Etfw\">October 22, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The on-chain indicator <a href=\"https:\/\/u1f987.com\/en\/news\/what-is-the-mvrv-indicator\">MVRV Z-Score<\/a> is far from the red overbought zone. This suggests ample room for substantial growth in the medium term.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"571\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/Look-Into-Bitcoin-MVRV-Z-Score-1024x571.png\" alt=\"Look-Into-Bitcoin-MVRV-Z-Score\" class=\"wp-image-218648\" srcset=\"https:\/\/u1f987.com\/wp-content\/uploads\/Look-Into-Bitcoin-MVRV-Z-Score-1024x571.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/Look-Into-Bitcoin-MVRV-Z-Score-300x167.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/Look-Into-Bitcoin-MVRV-Z-Score-768x428.png 768w, https:\/\/u1f987.com\/wp-content\/uploads\/Look-Into-Bitcoin-MVRV-Z-Score.png 1443w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.lookintobitcoin.com\/charts\/mvrv-zscore\/\">LookIntoBitcoin<\/a>.<\/figcaption><\/figure>\n<p>The trader Rekt Capital is convinced that a &#8220;clean break&#8221; of the $31,000 highs is the final step to fully invalidate the Bearish Bitcoin Fractal.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&#038;ref_src=twsrc%5Etfw\">#BTC<\/a> <\/p>\n<p>A clean break of the ~$31,000 highs is the final step to fully invalidating the Bearish Bitcoin Fractal<a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Crypto?src=hash&#038;ref_src=twsrc%5Etfw\">#Crypto<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a href=\"https:\/\/t.co\/gT5IXSoSQG\">pic.twitter.com\/gT5IXSoSQG<\/a><\/p>\n<p>\u2014 Rekt Capital (@rektcapital) <a href=\"https:\/\/twitter.com\/rektcapital\/status\/1716391055191343464?ref_src=twsrc%5Etfw\">October 23, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A market participant known as Philakone <a href=\"https:\/\/twitter.com\/PhilakoneCrypto\/status\/1716613324756922480\">noted<\/a> that the price crossed a resistance level formed nearly three years ago. The analyst believes this \u201cofficially means we are in a bull market.\u201d<\/p>\n<p>Micha\u00ebl van de Poppe emphasised that Bitcoin held above $30,200 and \u201cbegan breaking the yearly high.\u201d<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> did hold above $30,200 and started breaking the yearly high. <\/p>\n<p>Quite surprised with this strength, but that&#8217;s what you get pre-ETF approval.<\/p>\n<p>As long as we stay above $31K, everything is all right and we&#8217;ll see $40K this year.<\/p>\n<p>Times are good. Buy the dips. <a href=\"https:\/\/t.co\/3UkZUve1ES\">pic.twitter.com\/3UkZUve1ES<\/a><\/p>\n<p>\u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1716712184279937211?ref_src=twsrc%5Etfw\">October 24, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\n<cite>\u201cAs long as we stay above $31,000, all is well. And this year we will see $40,000. Times are good. Buy the dips,\u201d urged the expert.<\/cite><\/p><\/blockquote>\n<p>As noted above, on 23 October Bitcoin rose above $31,000 for the first time since June 2022. <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-price-rises-above-31000\"> <\/p>\n<p>Earlier, Binance chief Changpeng Zhao <a href=\"https:\/\/u1f987.com\/en\/news\/changpeng-zhao-rules-out-an-explosive-bitcoin-rally-immediately-after-the-halving\">ruled out<\/a> a blowout rally in the leading cryptocurrency immediately after the mining reward halving.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leading cryptocurrency rose by 11.7% in the last 24 hours, testing the $35,000 level.<\/p>\n","protected":false},"author":1,"featured_media":86119,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,1150],"class_list":["post-86118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"26","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=86118"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86118\/revisions"}],"predecessor-version":[{"id":86120,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/86118\/revisions\/86120"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/86119"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=86118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=86118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=86118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}