• Bitcoin trader sees all-time high ‘this week’ as BTC price nears $73K
• BTC price momentum gathers pace with new all-time highs just $1,000 away, but Bitcoin market gurus see the need for a support retest first
• Multiple macroeconomic and geopolitical catalysts are fueling BTC price strength in the short term and beyond, including the US presidential elections, spot Bitcoin exchange-traded fund (ETF) popularity, and outperforming equities markets
Bitcoin price momentum continues to accelerate, taking the cryptocurrency closer to hitting another all-time high. While some expect a pullback first, many analysts are optimistic about Bitcoin reaching a new record high this week.
Bitcoin Price Approaches $73K
Bitcoin (BTC) passed $72,000 on October 29 after the Wall Street open as bulls chipped away at the final resistance before fresh all-time highs. BTC/USD rose by nearly 4% on the day. After consolidating during the Asia trading session, upside momentum returned to BTC/USD as bulls maintained pressure on sell-side liquidity.
Traders Expect Pullback Then Higher
Commenting on the current moves, Keith Alan, co-founder of trading resource Material Indicators, said buyers were now eyeing a critical breakthrough. A move above $72k may send bears into hibernation, but prepare for a retest of support before going after an all-time high, he reasoned.
Taking liquidity above $70K, but I think that Bitcoin is going to make a new ATH this week as it’s Unemployment week, noted analyst and entrepreneur Michal van de Poppe. Van de Poppe referred to upcoming U.S. unemployment data due for release this week.
Popular trader and analyst Josh Rager agreed on the odds of a return to price discovery, stating: “Eventually expect a break of ATH, then a pullback, then higher.”
Strong Market Positioning
Updating Telegram channel subscribers, trading firm QCP Capital saw multiple macroeconomic and geopolitical catalysts fueling BTC price strength both short-term and long-term. These included the U.S. presidential elections, spot Bitcoin exchange-traded fund (ETF) popularity, and outperforming equities markets.
Although call skew has softened as BTC consolidates above the $70k level, perpetual open interest across exchanges is at a yearly high, signaling strong positioning for potential upside, they reported. As Cointelegraph reported, Bitcoin futures open interest totaled nearly $23 billion on October 29.
Conclusion
In summary, Bitcoin continues marching towards a new all-time high with bullish momentum and market positioning. While some expect a pullback first, many analysts forecast fresh highs coming this week as macro factors align. The future is looking bright for Bitcoin traders.
