Bitcoin Closes In On New All-Time High

Bitcoin jumped past $70,000 for the first time since June, giving a fresh jolt to a market that’s been largely sideways for over seven months. With a 3% daily gain, Bitcoin reached $70,950, sparking speculation it may challenge its March all-time high of $73,700.

Source: Brave New Coin Bitcoin Liquid Index

The recent rally’s catalysts are due to several macroeconomic and political shifts. With major central banks, particularly in the U.S. and Europe, pivoting to rate-cutting cycles—though the Bank of Japan remains steady—investors are emboldened to take on some risk.

China’s concurrent fiscal and monetary support injects further optimism into a global market looking for recovery cues. Renewed inflows into U.S.-based spot Bitcoin ETFs add another layer, with a staggering $920 million entering Bitcoin funds just last week. This brings the year-to-date inflows to a $25.4 billion, backed by a sharp uptick in predictions markets where Trump’s election odds have risen considerably, even though polls still favor Harris.

Meanwhile, crypto traders point to a “golden cross” pattern, where Bitcoin’s 50-day moving average surpassed its 200-day moving average—historically signaling bullish momentum. When Bitcoin saw a similar setup nearly a year ago, the price doubled over five months. This bullish configuration, combined with the CME futures market gap at around $67,000, has some traders anticipating short-term dips as prime buying opportunities.

Source: X

In the days ahead, key U.S. macroeconomic data, such as Q3 GDP, nonfarm payrolls, and the Personal Consumption Expenditures (PCE) index, will be released alongside critical events: the U.S. Presidential Election on Nov. 5 and a Federal Reserve meeting on Nov. 6. Both events are seen as pivotal for risk assets like crypto. CME Group’s FedWatch Tool indicates a 95.1% probability of a 0.25% rate cut, and as Rekt Capital describes, Bitcoin’s recent weekly close of $67,940 on Bitstamp signals the “most bullish” outcome possible, cementing what many hope will be the start of a significant new uptrend.

Source: X