Originally published on: November 07, 2024
Bitcoin has reached a new milestone on Nov. 7 by surpassing the $76,800 mark, marking a string of consecutive daily all-time highs. This surge in price can be attributed to several factors, including robust spot Bitcoin ETF inflows, BTC breaking out of a 7-month downtrend, and the recent success of the US Republican party in various branches of government.
Institutional investors have taken notice of these signals and are increasing their allocation to Bitcoin, as evidenced by the rising activity in the BTC CME futures and options markets. HighStrike’s head of crypto options and derivatives,JJ, highlighted the growing interest in Bitcoin among institutional players.
According to technical analysis, traders are anticipating a rally to the $78,000 to $85,000 range, with strong support levels in place. The Fibonacci extension tool projects the rally to extend to $82,367, lining up with key levels.
Despite the market volatility, aggregated spot volumes have remained consistent, funding rates have cooled off, and liquidations have been minimal during the recent surge to new price highs.
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Please note that this article is for informational purposes only and does not provide investment advice. Readers should conduct their own research before making any investment decisions.
