Bitcoin (BTC) appears to be stabilizing above the $34,000 mark, maintaining its position above this support level for six out of the last seven trading days.
The leading cryptocurrency is on track to conclude the month with an impressive gain of approximately 27%, continuing its history of robust performance in October, consistent with its past trends.
The potential approval of spot Bitcoin exchange-traded funds contributed positively to Bitcoin’s performance in October, though as previously mentioned, traders should exercise caution regarding its overbought status in relation to the US dollar.
Matteo Greco, a research analyst at Fineqia International Inc, highlighted that on-exchange volumes have remained strong.
He pointed out that the total daily cryptocurrency volume from October 22 to October 28 reached $24.12 billion, marking the highest level since the end of March. This represents a 48.5% increase compared to the previous week and a 119% surge from two weeks prior.
“The surge in volume is primarily attributed to increased Bitcoin trading activity,” he remarked.
In addition to spot markets, Bitcoin futures are experiencing a surge in trading volumes, with the open interest on the Chicago Mercantile Exchange recently surpassing $3.5 billion.
Since the beginning of the year, Bitcoin has soared over 107%, significantly outperforming the Nasdaq 100’s 31% gains.
Bitcoin seems to be moving independently of traditional risk markets, a significant trend considering the persistent market challenges posed by rising US Treasury yields and prolonged concerns over higher interest rates.
At the moment, BTC/USDT is trading at approximately $34,250.
