Bitcoin resumes upward motion, back to the $66,000 zone

After a green Uptober, Bitcoin is ready for another upward rally, and the show starts by BTC shooting up today, putting an end to three-week-long sideways behavior.

The king coin marks today’s high at $66,400 during the European hours and is gearing up to breach the current All-time high at $66,975, marked on October 20. Not only BTC, but the whole market is full of greenery. The largest altcoin, Ethereum, as TheCoinRise reported, has marked a new ATH at $4,760. 

Japanese exchange Bitbank’s market analyst Yuya Hasegawa said that the inflation-adjusted bond yield might contribute to the surge. He informed that the U.S. Department of Treasury has data showing the 10-year real yield dipping to -1.09% recently, which is lowest after August 30.

The senior analyst at OKLink research Eddie Wang pointed that the on-chain data also signals bullish signs. The network’s hash rate has been seen to be continuously rising since July. In addition, as we reported, the U.S. alone contributes to more than 35% of the Bitcoin hash rate distribution.

Bitcoin mining difficulty keeps the uptrend

Wang said that the mining difficulty had increased more than eight times since September, and miners have already accumulated more than 3,000 Bitcoin in their wallets.

Wang added that the unique wallet count with non-zero balance has also returned to 39 million, close to 39.28 million in May. This also shows a positive sentiment in the crypto market.

Bitbank, the Japanese exchange, speculated that BTC’s price would range between $58,000 and $76,000 this week.

The famous technical analyst and BTC supporter Lark Davis took the celebration to Twitter and YouTube, saying that the coin will smash a new high. The market speculators are clearly showing a bullish scenario at the start of “Moonvember.”

Visit here to read what you should know as the Bitcoin lover in November starts.