Bitcoin Edges Closer to Historic Highs as Market Anticipates Support Retest
Market Dynamics and Expert Insights
During the Asian trading hours, Bitcoin showed signs of consolidation, but the bullish sentiment quickly resumed in the BTC/USD pair as investors continued to challenge the sell-side resistance. Keith Alan, a seasoned trader and co-founder of Material Indicators, highlighted the strategic moves by buyers. “Buyers are gearing up for a pivotal move,” he noted. Alan suggests that while a breakthrough above $72,000 could potentially push bears to the sidelines, the market should brace for a possible retest of support levels before aiming for a new all-time high (ATH).
Material Indicators have observed an upward shift in bid liquidity on exchange order books, particularly around the $70,000 threshold. Concurrently, data from CoinGlass revealed a significant build-up of liquidity at approximately $70,500, indicating a prepared market for price fluctuations.
Michaël van de Poppe, a well-known trader and analyst, linked the current market behavior to the upcoming U.S. unemployment data expected later in the week. “Taking liquidity above $70K, but I think that Bitcoin is going to make a new ATH this week as it’s Unemployment week,” he predicted.
Josh Rager, another prominent trader and analyst, concurred with the sentiment of a bullish outlook. “BTC knows what must be done,” he stated, suggesting a pattern of reaching a new ATH, followed by a pullback, then climbing higher.
Macro and Geo-Political Factors Influencing Bitcoin’s Trajectory
“Implied volatility for the election expiry has climbed to 64% and is likely to rise further,” QCP Capital reported. Despite a softening call skew as BTC stabilizes above the $70k level, the perpetual open interest across exchanges has hit a yearly high, signaling strong market positioning for potential upward movements.
As highlighted in a recent Cointelegraph report, Bitcoin futures open interest had amassed nearly $23 billion as of October 29, underscoring the significant market engagement and speculative interest surrounding BTC.
Note: This analysis does not constitute investment advice. Every investment and trading move involves risk. Readers are advised to conduct their own research when making financial decisions.
For more insights into the evolving cryptocurrency market and expert analyses, stay tuned to Spectrum Search’s dedicated crypto section.
