Bitcoin Nears Record High, Memecoins on Rise, as BTC Surges Past $71,500 on Binance

• Bitcoin approaches its all-time high, maintaining strong support levels at $48K and $62K.
• A golden cross in moving averages supports Bitcoin’s ongoing uptrend, with short-term averages above long-term.
• High buying volume at key supports and a breakout above $70K highlight Bitcoin’s bullish momentum.

Bitcoin’s recent price surge has brought it to $71,500 on Binance, placing it within $2,000 of its all-time high of $73,737 set in March 2024. This impressive growth mirrors notable increases across the crypto market, with several memecoins including DOGE, SPX, BRETT, POPCAT, and FLOKI also gaining over 10% in the past 24 hours.

Key Trends in Bitcoin’s Price Momentum

Bitcoin has maintained a steady upward trajectory since hitting a low of $48,000 in August. In recent months, it has experienced controlled pullbacks, each time establishing higher lows. On October 29, the price of Bitcoin reached around $71,158, with earlier highs close to $71,587.88 indicating a strong break above former resistance levels. Consistent higher lows in the trend suggest ongoing buying interest, supporting a potential continuation of the current bullish momentum.

Moving Averages Signal Uptrend

Bitcoin’s price movements align with three key moving averages, reinforcing the trend. The short-term moving average (7-day) at $68,257.13 sits above both the medium (25-day) and long-term (99-day) averages. This “golden cross” formation, where shorter-term averages surpass the longer-term ones, often signals a continuation of the upward trend. 

Notably, the medium-term average at $65,819.30 has consistently held below the price, providing stable support throughout the uptrend. Meanwhile, the long-term moving average at $62,185.55 highlights Bitcoin’s strength, as it remains significantly above this level, boosting the long-term bullish outlook.

Support and Resistance Levels Backed by Volume

Bitcoin’s price movement has been marked by clear support and resistance levels. Buying interest has emerged around $48,000 and $62,000, with these areas acting as strong support levels. 

The recent breakthrough of the $70,000 resistance has now turned this level into new support. Trading volume also shows that buyer activity was high when Bitcoin bounced off the $48,000 support. Current volume levels remain robust, reinforcing the ongoing price rise with substantial buying activity near support levels.

Bitcoin’s price action and high trading volume above moving averages reflect strong support for the recent uptrend. With the $71,500 mark now in sight, further upward momentum remains possible if Bitcoin sustains its position above $70,000.