Bitcoin surged past $72,000 after the Wall Street open on Oct. 29, with bulls pushing towards final resistance levels ahead of all-time highs.
Data from Cointelegraph Markets Pro and TradingView showed nearly a 4% gain for BTC/USD on the day. After steady consolidation during the Asia trading session, Bitcoin’s upward momentum returned as buy-side pressure continued to target sell-side liquidity.
Commenting on the price action, Keith Alan, co-founder of Material Indicators, observed that buyers were setting up for a “critical move.” He noted, “A move above $72k may send bears into hibernation, but be prepared for a retest of support before going after an ATH.”
Material Indicators tracked bid liquidity moving higher on exchange order books, creating a support base just below the $70,000 level. Monitoring resource CoinGlass identified liquidity clustering around $70,500.
Trader and analyst Michaël van de Poppe shared an optimistic forecast, saying, “Bitcoin is going to make a new ATH this week as it’s Unemployment week,” in reference to upcoming U.S. unemployment data.
Another prominent trader, Josh Rager, agreed, predicting, “Imo eventually expect a break of ATH, then a pullback, then higher,” indicating confidence in BTC returning to price discovery.
Meanwhile, QCP Capital shared insights with its Telegram subscribers, citing several macroeconomic and geopolitical catalysts that could bolster Bitcoin’s upward trajectory. They highlighted factors such as the upcoming U.S. presidential election, the popularity of spot Bitcoin ETFs, and strong equities market performance.
QCP also noted that “implied volatility for the election expiry has climbed to 64% and is likely to rise further,” and that perpetual open interest across exchanges is at a yearly high, which they see as signaling “strong positioning for potential upside.”
Bitcoin appears set for a new chapter, as traders anticipate a mix of macroeconomic events that could drive further gains in the near term.
