Originally published on: October 29, 2024
Bitcoin soared past $72,000 following the Wall Street opening on October 29, edging closer to its all-time high as bullish momentum gained traction.
According to analysis from trading resources, buyers are gearing up for a crucial move as Bitcoin hovers around the $72k mark. Keith Alan, co-founder of Material Indicators, suggests that a breakthrough above $72k could send bears packing, but warns of a possible support retest before hitting an all-time high.
On the daily chart, bid liquidity is seen rising above the $70,000 mark, indicating strong upside potential. Expectations are high for a new all-time high this week, primarily driven by upcoming US unemployment data releases.
Renowned trader and analyst Michaël van de Poppe is optimistic about Bitcoin’s prospects and sees a new ATH in the cards amid various macroeconomic and geopolitical catalysts at play in the financial markets.
With the upcoming US presidential elections and the surge in spot Bitcoin ETF demand, indicators point towards sustained Bitcoin price strength in the foreseeable future. As implied volatility rises and Bitcoin futures open interest hits $23 billion, the path seems clear for BTC to hit new highs in the weeks to come.
While these insights offer a glimpse into Bitcoin’s potential trajectory, it’s essential to conduct thorough research and consider all risks before making any investment decisions. For more market updates and insightful analysis, subscribe to our newsletter for the latest trading strategies and investment opportunities.
