Author: BitpushNews

Financial markets had a lackluster start to the week, with Bitcoin encountering 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.

Major indices came under pressure as both U.S. Treasury yields and the U.S. dollar index rose, with the S&P 500 and Dow Jones falling 0.18% and 0.80% respectively on the day, while the Nasdaq 500 closed up 0.27%.

According to Bitpush data, after Bitcoin hit a high of $69,500 in the early hours of Monday morning, bears pushed the price to a daily low of $66,796, before bargain-hunting buyers stepped in and pushed it back above $67,500. As of press time, BTC was trading at $67,728, down 2.19% in the past 24 hours.

Altcoins followed Bitcoin lower, with most of the top 200 tokens by market cap in the red. The biggest gainer of the day was Amp (AMP), up 9.8%, followed by Raydium (RAY) and cat in a dogs world (MEW), up 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) fell 7%.

The current overall market value of cryptocurrencies is $2.34 trillion, with Bitcoin accounting for 57.1% of the market.

Bitcoin futures notional open interest hits new high

Coinglass data shows that the notional open interest of dollar-denominated Bitcoin futures tracking major exchanges exceeded $40.63 billion over the weekend, setting a new record high. In terms of tokens, open interest was 592,000 BTC, the highest level since December 2022.

Open interest refers to unsettled futures bets, indicating new money entering the market. A rise in this indicator, along with rising prices, confirms an uptrend.

In terms of BTC ETF, the amount of funds recorded was considerable. BTC ETF attracted $273.7 million in inflows, mainly from Ark. BlackRock's IBIT ETF performed outstandingly, attracting more than $1.1 billion in funds last week, which was the strongest performance since March and ranked third in ETF's year-to-date inflows.

Expecting a break above $70,000 this week?

Maria Carola, CEO of StealthEX, said: “The probability of Trump winning the election has climbed recently, which has a positive impact on the price of Bitcoin, which is expected to break the important psychological threshold of $70,000 by Friday. However, the probability of setting a new all-time high (ATH) this week remains low.”

She added: “Geopolitical factors such as the US election, conflicts in the Middle East, and evolving global regulation around stablecoins have the potential to bring sizable unexpected market events (black swans) to the cryptocurrency market before the holidays. In November, Bitcoin could surpass its all-time high and steadily grow towards the next major milestone of $100,000 per coin.”

Michaël van de Poppe, founder of MN Consultancy, said that whether Bitcoin hits a new all-time high this month or next, "the bull market has arrived."

CryptoQuant data shows that whale activity is still increasing and the amount of holdings is increasing.

TradingView analyst Alan Santana said that as the post-halving bull run begins to heat up, the price of Bitcoin may rebound to $300,000 in this cycle and may soar to $130,000 by early 2025.

“We don’t expect small targets like $100k and $130k to appear in 2025, these numbers are fairly achievable and will likely be the first major milestones achieved as bullish action intensifies around March 2025 or later, it would be a mistake to think such levels can be reached now, in October, November or even December 2024,” Santana said in his latest update. “Bitcoin is still testing the 200MA support level.”

Alan Santana explained: "Bitcoin tends to peak late in a bull run. This is to give the rest of the market time to play out. With this in mind, we will have plenty of time for the bull wave to develop, which will require months of price increases. Imagine that Bitcoin rises across the board to new highs at the end of the first quarter of 2025, followed by a small correction, sideways for several months, and then further price increases. We could see 3-7 months of consolidation before the final bull run. The final bull run will produce a new historical high with a maximum price between $155,000 (conservative estimate) and $180,000 to $208,000 (inflation/war assumption premise). This is more consistent with Bitcoin's past performance."