Bitcoin trader sees all-time high ‘this week’ as BTC price nears $73K
2024.10.29 13:15
Bitcoin (BTC) passed $72,000 after the Oct. 29 Wall Street open as bulls ate away at final resistance before all-time highs.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin trader consensus: “Pullback, then higher”
Data from Cointelegraph Markets Pro and TradingView captured nearly 4% BTC price gains on the day.
After consolidating through the Asia trading session, upside momentum returned to BTC/USD as bulls kept up pressure on sell-side liquidity.
Commenting on the current moves, Keith Alan, co-founder of trading resource Material Indicators, said that buyers were now “sizing up a critical move.”
“A move above $72k may send bears into hibernation, but be prepared for a retest of support before going after an ATH,” he reasoned in one of his latest posts on X.
BTC/USD 1-day chart. Source: Keith Alan/X
Material Indicators captured bid liquidity moving higher up exchange order books, slowly increasing below the $70,000 mark.
Data from monitoring resource CoinGlass additionally showed a line of liquidity forming around $70,500.
BTC liquidation heatmap (screenshot). Source: CoinGlass
“Taking liquidity above $70K, but I think that Bitcoin is going to make a new ATH this week as it’s Unemployment week,” trader, analyst and entrepreneur Michaël van de Poppe, forecast as a result.
Van de Poppe referred to upcoming United States unemployment data, due for release throughout the remainder of the week.
BTC/USDT 12-hour chart with RSI data. Source: Michaël van de Poppe/X
“$BTC knows what must be done,” popular trader and analyst Josh Rager continued, agreeing on the odds of a return to price discovery.
“Imo eventually expect a break of ATH, then a pullback, then higher.”
Markets see “strong positioning” for BTC price upside
Updating Telegram channel subscribers, meanwhile, trading firm QCP Capital saw multiple macroeconomic and geopolitical catalysts fueling BTC price strength in the short term and beyond.
Related: Bitcoin analyst: $100K BTC price by February ‘completely within reason’
These included the US Presidential Elections, spot Bitcoin exchange-traded fund (ETF) popularity and outperforming equities markets.
“Implied volatility for the election expiry has climbed to 64% and is likely to rise further,” it reported on the day.
“Although call skew has softened as BTC consolidates above the 70k level, perpetual open interest across exchanges is at a yearly high, signaling strong positioning for potential upside.”
As Cointelegraph reported, Bitcoin futures open interest totaled nearly $23 billion on Oct. 29.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
