Bitcoin has continued its upward trend, nearing all-time highs with a price of $73,000. However, analysts are noting a “scary” market dynamic as funding rates remain flat, and retail interest is noticeably absent.
BTC Price Retest Around $72,000 Welcomed by Traders
On October 30, Bitcoin briefly cooled off at $73,500 before consolidating around $72,000. According to TradingView data, this pullback has provided a critical support retest, leaving BTC at $71,000 as traders anticipated further gains.
BTC/USD 1-hour chart. Source: TradingView
Popular analyst Daan Crypto Trades highlighted Bitcoin’s recent progress, commenting that BTC has broken past key highs this year, stopping just short of its all-time peak. “Honestly better it rejects before to make an equal high vs sweeping it,” he noted, suggesting that this setup increases the likelihood of a future rally beyond $73,000.
Weekly Close and Breakout Potential
Further weighing in on Bitcoin’s position, trader Rekt Capital observed that Bitcoin is approaching a key level on the weekly timeframe. He noted that a weekly close above the “Range High of the ReAccumulation Range” could set BTC on course for a breakout.
QCP Capital echoed this sentiment, attributing recent gains to supportive geopolitical and macroeconomic factors, such as inflows into spot ETFs, monetary easing across major economies, and speculation about favorable outcomes for crypto-friendly political figures in the U.S.
BTC/USD 1-day chart. Source: Daan Crypto Trades/X
Flat Funding Rates Raise Eyebrows
Bitcoin’s funding rates, which often spike during rallies, have remained surprisingly neutral. This quiet market reaction led some, like analyst Byzantine General, to express shock. “$BTC is basically at an all-time high and these are the funding rates,” he wrote, noting how unusual it is to see funding so flat at this level.
Limited Retail Activity Sparks Further Optimism
Crypto analyst Miles Deutscher pointed out that while Bitcoin’s price is near all-time highs, retail interest appears muted. He cited Coinbase’s app ranking on the Apple AppStore as a sign of reduced retail activity. “Price is the EXACT SAME, but retail isn’t back (at all),” he commented, suggesting that BTC might climb even higher as retail activity reawakens.
As Bitcoin continues to hover near record levels, analysts predict that any influx of retail traders could push the cryptocurrency well beyond current highs.
