- Bitcoin’s bullish momentum above $72K signals potential for a new all-time high, driven by strong buyer support and macroeconomic factors.
- Traders anticipate a possible pullback before BTC continues upward, with robust market positioning favoring sustained growth.
Bitcoin broke above the $72,000 mark following Wall Street’s opening on Oct. 29, edging closer to all-time highs as bullish momentum continued to mount. At the time of writing, Bitcoin (BTC) is trading at $72,526.10, with a 1.92% increase in the past day and a 9.10% rise over the past week, according to CoinMarketCap.
In addition, TradingView data recorded nearly a 4% increase in BTC/USD, supported by sustained buyer pressure. Keith Alan, co-founder of Material Indicators, described the price action as a critical juncture for bulls, saying,
A move above $72K may send bears into hibernation, but be prepared for a retest of support before going after an ATH.
Traders Expect Possible Pullback Before New Highs
Material Indicators’ order book data showed bid liquidity gradually increasing, with a concentration of buy orders emerging just below $70,000. CoinGlass data further confirmed a cluster of liquidity around the $70,500 level, reflecting market confidence in Bitcoin’s trajectory.
Analyst Josh Rager echoed this sentiment, predicting that Bitcoin would eventually break its ATH, encounter a pullback, and then continue upward, signaling robust optimism among traders. Analyst Michaël van de Poppe also suggested that with U.S. unemployment data due this week, Bitcoin could soon set a new all-time high, commenting:
Bitcoin is going to make a new ATH this week as it’s Unemployment week.
Strong Market Positioning Favors Bitcoin’s Continued Gains
In a recent subscriber update, QCP Capital highlighted that several macroeconomic and geopolitical factors are fueling BTC’s price strength, potentially setting the stage for further gains. Key factors include the U.S. presidential election, the rising traction of spot Bitcoin ETFs, and strong performance in equities.
The firm noted that implied volatility for election-tied BTC options has risen to 64%, with potential for further increases. Additionally, perpetual open interest across exchanges has reached a yearly high, reflecting solid market positioning for upside potential.
As previously reported by CNF, The continued trading above the $70,000 level suggests that Bitcoin’s bullish momentum could drive it toward new heights, supported by strong demand and favorable market dynamics as investors respond to ongoing economic and political developments.
