As a seasoned crypto investor with a knack for spotting trends and reading market signals, I must say that the recent surge of Bitcoin (BTC) above $72,000 has me quite intrigued. Having ridden the rollercoaster of digital asset prices since their inception, I’ve learned to read between the lines and interpret the nuances that often get overlooked by novice investors.
On October 29, following the opening of Wall Street, Bitcoin (BTC) surpassed $72,000. This was due to the relentless push by the bulls as they eroded the remaining resistance nearing previous record highs.
Bitcoin trader consensus: “Pullback, then higher”
Data from CryptoMoon Markets Pro and TradingView captured nearly 4% BTC price gains on the day.
Following consolidation during the Asian trading hours, the positive trend resumed for BTC/USD as buyers continued to exert pressure on the supply side.
In response to recent developments, Keith Alan, one of the co-founders of trading resource Material Indicators, expressed that buyers are currently assessing a significant shift or transition.
In one of his recent posts about X, he argued that if the price exceeds $72k, it might drive the bearish traders away temporarily. However, keep in mind that there could be a retest of support before attempting to reach a new all-time high (ATH).
The Material Indicators showed that trading activity on the exchanges was becoming more active, pushing prices upward around the $70,000 level, while remaining relatively low under this price point.
According to data from CoinGlass, there appeared a line of liquidity stabilizing approximately at the price point of $70,500.
According to trader, analyst, and entrepreneur Michaël van de Poppe, his prediction suggests that Bitcoin will hit a new all-time high (ATH) this week, given the current liquidity above $70K, since it’s an unemployment week.
According to Van de Poppe, unemployment figures from the United States will be released over the rest of this week.
According to well-known trader and analyst Josh Rager, it’s clear what needs to happen next, as he agrees with the likelihood that we will revert back to determining Bitcoin’s pricing again.
“Imo eventually expect a break of ATH, then a pullback, then higher.”
Markets see “strong positioning” for BTC price upside
In the process of informing Telegram group members, it’s important to note that QCP Capital has identified several key economic and political triggers that could boost Bitcoin’s price in the immediate future and long run.
Among the topics were the U.S. Presidential Elections, the growing interest in bitcoin exchange-traded funds (ETFs), and markets where equities were performing exceptionally well.
On that day, it was reported that the implied volatility for the election, as of then, had reached 64%, and it was expected to increase even more in the future.
“Although call skew has softened as BTC consolidates above the 70k level, perpetual open interest across exchanges is at a yearly high, signaling strong positioning for potential upside.”
As CryptoMoon reported, Bitcoin futures open interest totaled nearly $23 billion on Oct. 29.
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2024-10-29 19:56