Bitcoin analyst sees 'scary' BTC price upside as funding flat at $73K
2024-10-30

Bitcoin BTCUSD coiled below all-time highs on Oct. 30 as commentators struggled to believe the calm market reaction.
BTC price offers welcome support retest near $72,000
Data from Cointelegraph Markets Pro and TradingView showed BTC price upside cooling after reaching $73,500 on Bitstamp the day prior.
Consolidation, which traders welcomed as a chance to reinforce newly reclaimed support, had nonetheless left $71,000 intact at the time of writing.
“Bitcoin Has now taken out every major lower high from this year except for the all time high. It came within close proximity but wasn't able to sweep it just yet,” popular trader Daan Crypto Trades commented in part of his latest post on X. 

Analyzing weekly timeframes, trader and analyst Rekt Capital said that the weekly close would provide crucial information about the strength of the latest move on BTCUSD.
“Bitcoin is potentially producing an upside wick beyond the Range High of the ReAccumulation Range,” he told X followers, referring to the spot price range in play since March’s all-time highs.

Trading firm QCP Capital meanwhile sought to appreciate Bitcoin’s performance to date while acknowledging the potential for continuation thanks to a combination of what it considered to be geopolitical and macroeconomic tailwinds.
“The price action for Bitcoin has been nothing short of remarkable this couple of days, rising over 8% and breaking the $73k level,” it summarized in its latest bulletin to Telegram channel subscribers on the day. 
It added that upcoming United States unemployment data, the Federal Reerve’s interest rate decision and tech firm earnings could additionally shape the landscape.
Flat funding rates, retail absence shock Bitcoiners
Comparing the current market environment to March’s trip beyond $73,000, some observers could barely stress the difference enough.
“$BTC is basically at all time high and these are the funding rates,” popular commentator Byzantine General wrote.
Accompanying data from monitoring resource CoinGlass confirmed that funding rates were only marginally positive at the time of writing, with largest global exchange Binance practically neutral.
Continuing, crypto analyst Miles Deutscher noted the comparative lack of retail interest in trading, as evidenced by the popularity of the app of largest US exchange Coinbase on the Apple AppStore.
“Price is the EXACT SAME, but retail isn't back (at all),” he concluded on X. 
Earlier, Cointelegraph reported on research measuring Bitcoin bull and bear market performance using the position of the Coinbase app.
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