According to Cointelegraph: Bitcoin (BTC) has surged past $72,000 following the Wall Street open on Oct. 29, bringing it within reach of a new all-time high, now just $1,000 away. According to Cointelegraph Markets Pro and TradingView data, BTC/USD gained nearly 4% in 24 hours, driven by intensified buying pressure and consistent momentum from the Asia trading session.
Trader Insights: Expect a Retest Before Pushing Higher
Traders are cautiously optimistic, anticipating a brief support retest before BTC targets new highs. Keith Alan, co-founder of Material Indicators, noted that BTC breaking above $72,000 could signal a hibernation for bears, but cautioned for a possible retest at support levels before a definitive move to all-time highs.
Meanwhile, Michaël van de Poppe, a prominent trader and analyst, highlighted that Bitcoin’s upcoming all-time high attempt aligns with key U.S. unemployment data releases scheduled for this week, which could impact BTC's trajectory. Van de Poppe’s outlook was supported by a visible liquidity cluster of around $70,500, as shown in CoinGlass’s BTC heatmap.
Broader Market Dynamics: Macro and ETF Drivers Favor BTC’s Upside
QCP Capital reports that factors like U.S. presidential election uncertainties, the rising popularity of spot Bitcoin ETFs, and favourable equities market performance are contributing to BTC's strength. Furthermore, BTC futures open interest has hit a 2023 peak of $23 billion, underscoring bullish market positioning.
With BTC nearing its record highs and implied volatility for upcoming events rising, traders are hopeful for a potential breakout.
