Originally published on: October 29, 2024
Bitcoin soared past $72,000 following the Wall Street open on October 29, with bulls pushing through final resistance levels in anticipation of reaching an all-time high.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin saw a nearly 4% price increase on the day, signaling strong momentum.
After a period of consolidation in the Asia trading session, buyers regained control of BTC/USD, putting pressure on sellers and driving the price higher.
Keith Alan, co-founder of trading resource Material Indicators, noted that buyers are eyeing a crucial move above $72,000, which could potentially lead to new all-time highs for Bitcoin.
Analyzing bid liquidity on exchange order books, Material Indicators observed an increase in liquidity levels above $70,000, with a line forming around $70,500, indicating a strong support level.
Trader and analyst Michaël van de Poppe expressed confidence in Bitcoin’s potential to reach a new all-time high this week, citing upcoming United States unemployment data as a catalyst for price movement.
As optimism grows within the trading community, popular analyst Josh Rager also indicated a high probability of Bitcoin returning to price discovery territory.
Meanwhile, trading firm QCP Capital highlighted macroeconomic and geopolitical factors, such as the US elections and the popularity of spot Bitcoin ETFs, contributing to Bitcoin’s bullish momentum.
With Bitcoin futures open interest totaling nearly $23 billion, the cryptocurrency market is brimming with activity as investors and traders speculate on the asset’s future price movements.
While the article does not offer investment advice, it emphasizes the importance of conducting thorough research and risk assessment before making trading decisions in the volatile cryptocurrency market.
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