The Bitcoin (BTC) market fell prey to volatility ahead of the weekend. The king coin rose from a low of nearly $60,000 to a high of about $61,700. To be precise, the asset saw a 2% spike over the past 24 hours. It looks like BTC was still maintaining momentum, trading at $61,562.18 during press time.
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Factors Influencing Bitcoin’s Surge
Bitcoin Profitability Data
Based on the data from IntoTheBlock, more than 44 million BTC addresses, or more than 82% of all Bitcoin addresses, are currently profitable.
The latest uptick was tied to the U.S. Bureau of Labor Statistics’ publishing of the September jobs data. This data is expected to significantly shape the Federal Reserve’s policy orientation in the upcoming months. According to market analysts, this might impact cryptocurrency prices.
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Buyers Are On A Shopping Spree
The market is still skeptical about BTC’s upcoming move, but an analyst has given it hope. Prominent cryptocurrency analyst Ali Martinez believes that an increase in Bitcoin’s value may occur sooner rather than later.
He shed light on the matter by stating that the Bitcoin Taker Buy/Sell Ratio on the cryptocurrency exchange OKX has surged. This suggests a spike in aggressive purchasing, which is further a sign of upward momentum.
There was a spike in the #Bitcoin Taker Buy/Sell Ratio on @okx! This indicates a surge in aggressive buying — a sign of upward momentum ahead! pic.twitter.com/QgZ9qkhSls
— Ali (@ali_charts) October 4, 2024
In addition, Martinez also discussed a crucial support level that may dictate Bitcoin’s course going forward. The analyst noted that $60,365 was the crucial amount. If Bitcoin were to breach this barrier, it may drop as low as $57,420. But if Bitcoin holds this level of support, a return to $63,300 is feasible. If the latter plays out, more holders will be in profit.
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