Bitcoin price is breaking out as BTC pushes to above 70K, and with new BTC ATH in cross-hairs, PEPE price is following amid meme explosion.
After hard-fought months of ranging action between $60,000 and $66,000, Bitcoin (BTC) has finally broken high, with an energized open to the crypto market this week fuelling significant gains.
Now trading above $70,000, Bitcoin’s price has begun to test the bounds of its historical performance above $72,000—near the Bitcoin all-time high at $73,750 (hit back in March 2024 ahead of the Halving event).
This bolsters traders’ confidence in the top cryptocurrency, primarily as the move has been powered up by multi-billion dollar inflows into Bitcoin Spot ETFs over the past few weeks.
Indeed, over the past 7-days , there has been 2.7Bn inflows from institutional investors, and the number of Bitcoins now held by ETFs stands are over 1M BTC.
🚨 $BTC tops $70,000 ahead of elections.
▪️ $COIN earnings Wed
▪️ $3.1b in net inflow in Bitcoin ETFs so far this month. pic.twitter.com/chww1koRhA
— Rahul (@rhemrajani9) October 29, 2024
As crypto markets brace for major events such as the US Election in just a week and Coinbase’s earnings report tomorrow, let’s dig into the latest Bitcoin price action and see how things are shaping up in the chart.
CHECK OUT: Bitcoin’s Key Historical Price Levels and What They Mean For 2025 Bull Run
BTC Price Analysis: How Is Bitcoin Price Set To Perform Over The Next Week?
At press time, Bitcoin
Price Trading volume in 24h Last 7d price movement is trading to the upside, standing at an alluring $72,729 (which represents a 24-hour change of +4%).
This comes as Bitcoin breaks out of a bullish ascending wedge pattern, which has been established over the past three months and has been in a choppy range since August.
The push upwards came decisively this morning after Monday, when Bitcoin price flirted with $70k for the first time in months – much to the relief of BTC bulls.
Yet, Bitcoin prices are currently being pushed higher due to a significant uptick in short interest, which the market entered at $70K, painting a juicy target for market makers.
( BTCUSDT )
Fuelled by ETF inflows, Bitcoin’s upside push has come in a major bounce off the 20DMA at $66.9k – with BTC now at an impressive +9% divergence from moving average support.
This comes hot on the tails of a golden cross, which appeared between the 20DMA and 200DMA on October 17.
Yet, some caution emerges in the RSI, which is now technically over-bought, at a reading of 72.11, suggesting consolidation of this range around the ATH could be on the cards and, indeed, a healthy move for bulls after breaking out of a local range.
But while BTC USD stabilizes and bulls try to secure a new foothold, the fundamental positivity reverberates in high-cap meme coins, especially PEPE, which has led the way for meme markets today.
Pepecoin is currently trading at $0.00000098 following a significant push to crush another 0, which has seen PEPE price surge +13.1% over the past 24-hours.
The move was backed by a huge influx of more than $1.52Bn in trading volume, and PEPE shifted into an incredibly strong bullish technical structure with the emergence of a double-bottomed support pattern.
This has a knock-on effect as smart money investors shift their attention to other Pepe-linked coins.
DON’T MISS: How to Buy Bitcoin Anonymously Without an ID KYC in 2024
Pepe Unchained Skyrockets Above $23M Raised As Investors Rush to Claim Slice of New PEPE Layer-2 ICO
Pepe Unchained is igniting fervor in the crypto world with the promise of a new layer-2 scaling solution bespoke built for meme coin developers. It is building a vibrant community tapestry on X and Telegram while amassing millions in funding at lightning speed.
But it’s not just the retail crowd that’s enchanted; the whales have also made a splash, showcasing their confidence in the project with massive purchases.
On October 21, one whale made waves by swallowing up $53,563 worth of ETH for an impressive 4.6 million $PEPU tokens, following a prior purchase of 5 million $PEPU tokens for about $50,000 earlier in the month.
Ethereum Transaction Hash (Txhash) Details | Etherscan
In September, the waters were similarly rich, with several whale transactions exceeding $50,000 – capitalizing on the token’s enticing lower price.
These substantial capital inflows to the Pepe Unchained presale are the crypto community’s way of flipping the bird to the “Sleepy Joe” coins of the Pepe scene, such as Pepe ($PEPE) and PepeCoin ($PEPECOIN).
With such strong support, Pepe Unchained will likely attract even more investment ahead of its exchange debut. Many, including crypto influencer Jacob Crypto Bury, believe that $PEPU could deliver a remarkable 10x return, further igniting excitement among potential investors.
You can invest confidently, as Coinsult and SolidProof have thoroughly audited Pepe Unchained’s smart contract and found no critical issues.
For developers interested in bringing their innovative ideas to life on the Pepe Unchained L2 chain, grant applications are now open on the project’s website .
To apply, fill out a brief form and receive a confirmation email. The Pepe Council will review submissions continuously and award grants to selected projects.
Visit Pepe Unchained .
EXPLORE: Over 300,000 ETH Withdrawn from Exchanges In 7 Days: Ethereum Preparing For $6,000?
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