*Why Bitcoin Price is Up Today? Will October’s Bullish Momentum Continue?*
Bitcoin (BTC) price rallied 5 percent in the past 24 hours to revisit above £71k for the first time since early June this year. The flagship coin is now retesting the crucial resistance range between £71k and £73k, its all-time high (ATH) established earlier this year.
The notable Bitcoin price spike in the past 24 hours also impacted the altcoin industry, leading to a 3 percent surge in crypto’s total market cap to about £2.51 trillion on Tuesday, October 29, during the early Asian session.
Today’s Bitcoin pump above £71k was heavily influenced by the high demand from whale investors seeking to hedge against the macroeconomic uncertainties and ongoing fiat devaluation due to wars. According to the latest market data, the supply of Bitcoin on centralized exchanges declined by over 7k in the past 24 hours.
The UK spot BTC ETF issuers, led by BlackRock’s IBIT, are the largest buyers of Bitcoin. On Monday, the UK spot BTC ETFs registered more than £479 million in net cash inflow.
Following a notable liquidation of short traders in the past 24 hours, the majority of investors have since turned bullish thus triggering short squeeze impacts.
