## Bitcoin Nears Record Highs, Then Pulls Back as Stocks Rally on Alphabet’s Earnings
Bitcoin made a dramatic push toward a new all-time high on Tuesday, reaching $73,577 before pulling back. This near-record price point placed it just $160 away from the peak established in March, a feat that captivated the crypto world. However, the advance was short-lived as investors began to take profits, causing a retreat from the peak.
Despite the pullback, Bitcoin’s October gains have already reached a robust 14.26%, proving that this month is shaping up to be one of the most rewarding for the cryptocurrency market. Ethereum, another major cryptocurrency, also experienced a similar pattern. It surged to an intraday high of $2,680 before retracting, leading to the liquidation of nearly $185 million in leveraged short positions within the last 24 hours. The total cryptocurrency liquidations across the market soared to $257 million. Bitcoin’s Open Interest, a measure of outstanding contracts, jumped by 5.11% to $43.17 billion in the past 24 hours. The number of long positions held by whale investors on Binance, a major cryptocurrency exchange, has surpassed the number of short positions by a factor of 1.42.
While Bitcoin and Ethereum were making headlines in the crypto space, the stock market was also experiencing a positive day, driven by strong earnings reports. The tech-heavy Nasdaq Composite surged 145.56 points, or 0.78%, to close at a record high of 18,712.75. The S&P 500 also gained 0.16%, closing at 5,832.92. However, the Dow Jones Industrial Average slipped 0.36% to finish at 42,233.05.
This rally was fueled by anticipation for the third-quarter earnings reports of the so-called “Magnificent 7” companies, a group of leading technology giants. Tech behemoth Alphabet, parent company of Google, released its results after the market closed, revealing that both revenue and earnings exceeded analysts’ expectations.
Analyst Insights on Bitcoin and Ethereum
Renowned cryptocurrency analyst, Rekt Capital, observed Bitcoin’s exhilarating journey towards new all-time highs. He highlighted the significance of a monthly close around the $72,800 level, noting that it would mark the highest monthly close ever for Bitcoin.
“Without a shadow of a doubt, we’re witnessing history in the making before our very eyes,” Rekt Capital remarked.
Another influential analyst, Ali Martinez, focused on Bitcoin’s MVRV Ratio (Market Value to Realized Value). He pointed out that the golden cross of the MVRV Ratio above its 365-day simple moving average, an event that has preceded major bull rallies throughout history, had occurred again.
Martinez also shared positive sentiments about Ethereum, predicting a target of $6,000 after it successfully held onto the key support level at $2,400.
The global cryptocurrency market capitalization has surpassed $2.43 trillion, fueled by a 3.04% increase over the past 24 hours.
As both the cryptocurrency and stock markets experience these dynamic shifts, investors are closely watching the developments and analyzing the signals, seeking to navigate the evolving market landscape and capitalize on potential opportunities.
