Originally published on: October 29, 2024
The Bitcoin price has surged towards its all-time high of $73,800, signaling a shift in the market’s momentum as key fundamentals suggest a bullish trend is on the horizon. Here are six crucial pieces of data that indicate Bitcoin is gearing up to reach new unprecedented highs.
Traders were inspired to open new positions as Bitcoin broke through its strong range and sustained a multiday close above previous trading levels. This confidence led many to target higher price ranges between $85,000 and $160,000, as highlighted by veteran trader Peter Brandt.
The recent breakthrough of the longstanding wall of selling pressure between $65,000 and $71,000 propelled Bitcoin past $70,000, squeezing out short traders and leaving bears empty-handed. This move signifies a significant shift in market sentiment and sets the stage for further upward momentum.
In addition, Bitcoin dominance has reached 60% for the first time since March 2021, indicating a growing market share for BTC. This metric, along with the Crypto Fear & Greed Index, serves as a gauge of investor sentiment and could hint at an impending bull run.
Open interest in Bitcoin has hit a record high of $43.6 billion, reflecting heightened interest from market participants as the price climbs to new heights. The futures market also suggests a positive outlook, with Bitcoin hitting an all-time high of $74,485 on the CME futures on October 29.
Furthermore, the appetite for calls in the options market, combined with a potential gamma squeeze and anticipation of a crypto-friendly administration post-election, could further fuel Bitcoin’s upward trajectory. Inflows to spot Bitcoin ETFs have surged in recent weeks, with over $3.8 billion entering these instruments, signaling growing institutional interest in the digital asset.
As the market continues to show signs of strength and resilience, it seems increasingly likely that Bitcoin will continue its upward trajectory towards new all-time highs. Stay tuned for more updates on the exciting developments in the world of cryptocurrencies.
