Originally published on: October 29, 2024
Bitcoin has surged to $73,800, hinting at new all-time highs as the market gears up for a bullish rally. Here are six key factors that indicate Bitcoin is poised for further growth:
1. Breakout from Trading Range: Bitcoin’s strong move above the previous trading range has prompted traders to open new positions targeting $85,000-$160,000, as highlighted by veteran trader Peter Brandt.
2. Clearing Resistance Levels: Bitcoin broke through the $65,000-$71,000 resistance and surged past $70,000, leading to the liquidation of short traders and a bullish momentum.
3. Rising Bitcoin Dominance: Bitcoin dominance has reached 60% for the first time since March 2021, signaling a potential BTC bull run in the near future.
4. Record Open Interest: Bitcoin open interest hit a new all-time high of $43.6 billion, reflecting growing interest in BTC among market participants.
5. Contango in Futures Market: Bitcoin futures prices are leading the spot price, with Bitcoin hitting a new all-time high in CME futures at $74,485 on Oct. 29.
6. Inflows to Bitcoin ETFs: Spot Bitcoin ETFs have seen a significant increase in inflows, with over $3.8 billion entering the instruments in the past two weeks, indicating strong investor interest.
Overall, the market sentiment is positive, with traders anticipating further growth as Bitcoin continues its upward trajectory. Stay updated on the latest market trends and investment opportunities by subscribing to the Markets Outlook newsletter. Remember to conduct your own research before making any investment decisions.
