30s Summary

Bitcoin’s value rose above $72,000 after Wall Street opened on October 29, due to bullish investors overcoming resistance before reaching an all-time high. The surge followed consolidation during Asian trading sessions, hinting at the return of bullish momentum. Material Indicators co-founder Keith Alan predicted that “bears” might pause once Bitcoin surpasses $72k, but a testing of support levels may precede an all-time high. Traders and analysts signal a return to price discovery and potential further rise with slight pullbacks. Catalysts such as US elections, growing popularity of Bitcoin ETFs, and equity market performances boost Bitcoin’s short-term price.

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Bitcoin (BTC) value rose beyond $72,000 following the opening of Wall Street on October 29. The increase is ostensibly due to bullish investors overcoming the final resistance before reaching an all-time high.

According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s price rose almost 4% in a single day. The increase came after a period of consolidation during trading sessions in Asia, suggesting that bullish momentum has returned, successfully putting pressure on those looking to sell-off.

Keith Alan, co-founder of trading resource Material Indicators, discussed the recent changes. He mentioned that once Bitcoin surpasses the $72k mark, those predicting a market decline- ‘the bears’- might temporarily halt activity. However, he added that a retest of support level might come before an all-time high is realized.

Material Indicators noted an uptick in bid liquidity higher up the exchange order books, incrementally increasing below the $70,000 mark. Monitoring resource CoinGlass also indicated a line of liquidity forming around $70,500.

Trader, analyst, and entrepreneur Michaël van de Poppe commented on these developments. He discussed the temptation of liquidity above $70K but also reckoned that Bitcoin could reach a new all-time high this week due to the release of the US unemployment data.

Supporting van de Poppe’s viewpoint, popular trader and analyst Josh Rager confirmed that a return to price discovery is highly likely. He stated that a break of an all-time high could be followed by a slight pullback, then further increase.

Meanwhile, trading firm QCP Capital shared with their Telegram channel subscribers that there are multiple macroeconomic and geopolitical catalysts boosting Bitcoin’s price short-term and beyond. These factors include the forthcoming US Presidential Elections, the rising popularity of spot Bitcoin exchange-traded funds (ETFs), and the outperformance in equity markets.

They also reported an increase in implied volatility to 64% for the election expiry and expected this to rise further. Though call skew has softened as Bitcoin settles above the 70k level, the interest in Bitcoin perpetual across exchanges is the highest it has been this year, indicating strong positioning for potential upside.

On October 29, Cointelegraph noted that Bitcoin’s futures open interest was nearly $23 billion.

Please remember, any investment and trading activity involves risk, so you should undertake your own research before making any financial decisions.

Source: Cointelegraph