On Tuesday, the bulls continued on the momentum at the market. Currently, the flagship crypto settled over $57k while the broader crypto market dropped significantly. Almost $65k is in sight as Bitcoin increased up 90% from its low. Bitcoin prices are in a tight range this week, with a low of $53.7k and a high of $56.5k. Despite the market managing to hold onto gains from their lows in September, on-chain activity rose.
Many reasons fueled the latest situation as they were in rallies earlier. One of the latest signs of this trend is easing concerns about China and the U.S regulatory efforts.
In the meantime, hopes are increasing that the Securities and Exchange Commission might approve a Bitcoin ETF.
A new catalyst needs to emerge for the most popular cryptocurrency to reach $60k, and a quick one might even lead to its record highs.
In terms of comparative strength, Bitcoin is approximately 70, symbolizing it as floating on overbought territory. While the digital coin seems volatile, the best attempts to determine its fate could be defeated by its unusual changes.
In the first week of October, there was a boost in network activity, increasing the possibility that new demand will open in the fourth quarter of 2021.
Each day, on the chain, the number of individuals grows by around 18%, equal to 291k, hitting its hights last week. At the end of 2020, these numbers were similar. More active participants have historically defined Early-stage bull markets as the interest of the asset gains.
The Chief Executive Officer of JPMorgan Chase & Co, Jamie Dimon, told the media that authorities might regulate crypto. He added that the reason might be the increased interest from Washington in cryptocurrencies and stablecoins. In another meeting, Dimon said that Blockchain and stablecoins could be real.