Bitcoin price (BTC) pulled back to $ix.2K levels on Jan. 31, or almost ane% lower over the past 24 hours, after exceeding $ix,500 before today.

"It's over 9 1000" BTC price hits new 2020 high

The motility to $9,530 resulted in a new iii-month loftier for BTC/USD alongside rise book, pointing to an overall bullish trend that has persisted in the first calendar month of 2020.

Bitcoin daily toll chart. Source: Coin360

Meanwhile, the founder and CEO of Global Macro Investor, Raoul Pal, suggested today that more interest rate cuts by the U.s. Federal Reserve are coming, which is expected to take a positive effect on the cryptocurrency market place.

"The bond market, already rallying on weakness saw the low-cal immediately and ii-twelvemonth yields complanate, breaking primal supports and a new cyclical low," he tweeted on Jan. 31, calculation:

"The Fed are going to have to cut aggressively and soon."

Pal, a onetime head of equities and equities derivatives at Goldman Sachs UK office, explains that the bond market trend is now gear up and that the reaction of fundamental banks is well understood.

"The commodity markets rightly got the signal fast also. The knock-on effects are now spreading slowly into the currency markets. That is where I think where the next stage lies," explained Pal.

Bitcoin daily price chart. Source: Coin360

Adding to strengthening fundamentals for Bitcoin such as record hash rate and mining difficulty, on-chain data monitoring service Glassnode reported on Jan. 31 that the Realized Cap (1d MA) has hit a new all-fourth dimension loftier over $100 billion.

BTC Realized Cap. Source: Glassnode

The Realized Cap is an alternative calculation of Bitcoin'southward market capitalization derived by multiplying the price each Bitcoin last traded past the size of each trade. This effigy has now passed $103,459,450,323.361, which is higher than the previous best high of 103,455,655,651.676 observed on Nov. 18, 2019.

As reported by Cointelegraph, the Realized Cap broke $100 billion for the first time last August.

Bitcoin following bullish scenario

In January, the price of Bitcoin is following a bullish scenario, as presented earlier this month past Cointelegraph Markets analyst, Michaël van de Poppe.

Similarly, the price has broken to the upside in recent weeks, breaking a 7-month old downtrend to the upside, signaling the probable cease of downward momentum amid an overall shift in market sentiment.

"The targets based on previous support/resistance and Fibonacci levels first include $eight,000. If that's broken, the price is ready to aim for $9,100-9,500, which would typically shift the sentiment from fright to neutral," correctly predicted Van de Poppe in a January. 4 analysis.

Currently, the crypto & fear index reading currently 55, or Greed, co-ordinate to the latest data, which suggests that a curt-term pullback in price is now likely.

Bitcoin Fear & Greed Alphabetize. Source: Alternative.me

"There may be a bit of a selloff simply I'm still expecting the bulls to finish the week strong and looking to purchase dips," said Cointelegraph Markets contributor and analyst filbfilb in private comments.

The overall cryptocurrency marketplace cap now stands at around $254 billion and Bitcoin's potency charge per unit is 66.three%. Large-cap altcoin performance was mixed with Litecoin (LTC) as the standout gaining 4.19%, and Ether (ETH) slightly in the greenish over the by 24 hours.

Bitcoin SV (BSV) was among the notable losers downward over 10% by press time, aslope Ethereum Archetype (ETC) and Nuance (Nuance), which were downward 10.3% and 7.4%, respectively.

Keep track of peak crypto markets in real time here