Author: BitpushNews
The financial markets started the week with lackluster performance, as Bitcoin faced bearish resistance at $69,500, while the U.S. 10-year Treasury yield surged, climbing 10 basis points to 4.19%, the highest level since July.
Influenced by rising U.S. Treasury yields and the dollar index, major stock indices faced pressure, with the S&P 500 index and the Dow Jones index falling 0.18% and 0.80% respectively, while the Nasdaq 500 index rose 0.27%.
Data from Bitpush indicates that after Bitcoin hit a high of $69,500 early Monday, short sellers pushed the price down to a daily low of $66,796, before dip buyers intervened and pushed it back above $67,500. As of the time of writing, BTC was trading at $67,728, with a 24-hour drop of 2.19%.
Altcoins followed Bitcoin lower, with most tokens in the top 200 by market cap showing losses. The biggest gainer of the day was Amp (AMP), up 9.8%, followed by Raydium (RAY) and cat in a dogs world (MEW), which rose 9% and 8.7% respectively. First Neiro on Ethereum (NEIRO) led the decline, down 8.4%, while Blur (BLUR) fell 7.4% and Echelon Prime (PRIME) dropped 7%.
The current total market value of cryptocurrencies is $2.34 trillion, with Bitcoin's market share at 57.1%.
Bitcoin futures nominal open interest hits a new high
Coinglass data shows that the nominal open interest of dollar-denominated Bitcoin futures tracked by major exchanges surpassed $40.63 billion over the weekend, setting a new all-time high. In terms of tokens, the open interest stands at 592,000 BTC, the highest level since December 2022.
Open interest refers to unsettled futures bets, indicating new funds entering the market. The increase in this indicator along with price rises confirms the upward trend.
In terms of BTC ETF, the amount of funds recorded is substantial, with BTC ETF attracting $273.7 million in inflows, mainly from Ark. BlackRock's IBIT ETF performed outstandingly, attracting over $1.1 billion last week, the strongest performance since March, ranking third in year-to-date inflows for ETFs.
Is a breakthrough of $70,000 expected this week?
StealthEX CEO Maria Carola stated: "The probability of Trump winning the election has recently increased, positively impacting Bitcoin's price, and it's expected that Bitcoin will break the important psychological barrier of $70,000 by Friday. However, the likelihood of reaching a new all-time high (ATH) this week remains low."
She added: "Geopolitical factors, such as the U.S. elections, conflicts in the Middle East, and the evolving global regulation surrounding stablecoins, could bring significant unexpected market events (black swans) to the cryptocurrency market before the holidays. In November, Bitcoin might surpass its all-time high and steadily grow towards the next important milestoneâ$100,000 per coin."
Michaël van de Poppe, founder of MN Consultancy, stated that regardless of whether Bitcoin reaches a new all-time high this month or next, "the bull market has arrived."
CryptoQuant data shows that whale activity continues to increase, with more and more accumulation.
TradingView analyst Alan Santana stated that as the post-halving bull market begins to heat up, Bitcoin prices could rebound to $300,000 during this cycle, potentially soaring to $130,000 by early 2025.
Santana stated in his latest update: "We do not expect to see small targets like $100,000 and $130,000 in 2025; these numbers are quite achievable and are likely to be realized after bullish actions intensify around March 2025. The misconception is to think that such levels can be reached now, in October, November, or even December 2024. Bitcoin is still testing the support level of the 200MA."
Alan Santana explained: "Bitcoin often peaks in the later stages of a bull market. This allows the rest of the market time to play out. With that in mind, we will have enough time for the bull market wave to develop, which will require months of price increases. Imagine Bitcoin fully surging to new highs by the end of Q1 2025, then a slight retracement, consolidating for months, followed by further price increases. Before the final bull market, we could see 3-7 months of consolidation. The final bull market will produce a new all-time high, with a peak price between $155,000 (conservative estimate) and $180,000 to $208,000 (inflation/war scenario). This is more consistent with Bitcoin's past performance."
