Bitcoin Price Analysis: BTC Surges Towards $73K Amid Flat Funding Rates

On October 30, Bitcoin (BTC) remained below its all-time highs, with market analysts expressing skepticism about the calm market response to recent price movements. Data from Cointelegraph Markets Pro and TradingView indicated that after reaching a peak of $73,500 on Bitstamp the previous day, the price momentum appeared to be cooling.

Traders welcomed the consolidation phase, viewing it as an opportunity to solidify newly established support levels, with the price holding steady around $71,000 at the time of this report.

Daan Crypto Trades, a well-known trader, noted on X that Bitcoin has successfully surpassed all significant lower highs from this year, with the exception of the all-time high. "It came within close proximity but wasn’t able to sweep it just yet," he remarked.

Rekt Capital, another trader and analyst, emphasized the importance of the upcoming weekly close, which could provide critical insights into the strength of the recent BTC/USD movements. He mentioned, "Bitcoin is potentially producing an upside wick beyond the Range High of the ReAccumulation Range," referring to the price range established since the all-time highs in March.

Trading firm QCP Capital acknowledged Bitcoin's impressive performance, highlighting an 8% increase and the breach of the $73,000 mark in their latest bulletin to Telegram subscribers. They pointed out that geopolitical and macroeconomic factors could further influence Bitcoin's trajectory, with upcoming U.S. unemployment data, the Federal Reserve's interest rate decision, and earnings reports from tech firms likely to impact the market.

Some market observers drew parallels between the current environment and the surge beyond $73,000 in March, emphasizing the stark differences. Byzantine General, a popular commentator, noted, "BTC is basically at all-time high and these are the funding rates."

Data from CoinGlass confirmed that funding rates were only slightly positive at the time, with Binance, the largest global crypto exchange, showing nearly neutral rates. Crypto analyst Miles Deutscher pointed out the noticeable lack of retail trading interest, as indicated by the popularity of the Coinbase app on the Apple App Store. He concluded, "Price is the EXACT SAME, but retail isn’t back (at all)."

Earlier reports from Cointelegraph highlighted research analyzing Bitcoin's performance in bull and bear markets through the lens of Coinbase app usage.

This article does not offer investment advice or recommendations. All investments and trading activities carry risks, and readers are encouraged to conduct their own research before making decisions.