Bitcoin traders are eyeing a short-term price target of $70,000 as BTC briefly climbed above $66,000 during the Asian day. Bitcoin subsequently retreated to $65,000 during the European morning, still 2.2% higher than 24 hours ago. “The rebound in Bitcoin price shows the market has a more optimistic outlook in the near-term macro environment,” shared Lucy Hu, senior analyst at Metalpha, in a message to CoinDesk. “The market was encouraged by Donald Trump’s vice president pick, which indicates a more crypto-friendly administration and policies.” Bitcoin may also be benefiting from more bullish sentiment as traders expect less selling pressure in the long term as Mt. Gox repayments to creditors have commenced.
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October 28, 2024
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