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BlockNews
Home CRYPTO

Here are 5 Reasons Bitcoin Nearly Made a New All Time High Today, and Why it Could Very Soon

Michael Juanico by Michael Juanico
October 29, 2024
in CRYPTO, OPINION
Reading Time: 3 mins read
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  • Rising open interest, increasing institutional investor demand, and a break above the 6-month downtrend pushed Bitcoin (BTC) prices above the $72,000 level.
  • The U.S. Bitcoin ETF holdings reached a new all-time high of $6.6 billion, indicating growing institutional demand for BTC.
  • Bitcoin’s open interest increased by $2 billion in 48 hours, and the total Bitcoin open interest reached a new all-time high at $22.77 billion as the crypto derivatives market continues to dictate price action.

Bitcoin’s price has been on an upward trend over the past few days, reaching $72,100 for the first time since June 2024. Several key factors have contributed to this rally.

US Bitcoin ETF Holdings Reach New Highs

The holdings of US Bitcoin ETFs reached a new all-time high of $66 billion as Bitcoin climbed above $70,000. On Oct 28th alone, spot Bitcoin ETFs saw net inflows of $4.794 million, led by BlackRock’s IBIT and ARK Invest’s ARKB. This steady inflow of institutional investment has provided support for Bitcoin’s price.

Bitcoin Open Interest Jumps by $2 Billion

In tandem with the price increase, Bitcoin’s open interest jumped by $2 billion in just 48 hours to reach an all-time high of $2.277 billion. The active crypto derivatives market continues to influence price action. Over $150 million in leveraged positions were liquidated as Bitcoin crossed $70,000, adding momentum to the rally.

Closing Above $76,000 Needed to Confirm Breakout

While breaking above $70,000 is an important milestone, technical analyst Peter Brandt notes that Bitcoin needs to close decisively above $76,000 to technically confirm the breakout. This would require a daily close above the key resistance level that capped previous rallies this year.

Conclusion

Increasing institutional investment, rising open interest, and technical breakouts have all contributed to Bitcoin’s surge above $70,000 for the first time in 5 months. Sustained strength will depend on Bitcoin’s ability to hold these gains and confirm the breakout by closing above key resistance levels.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BitcoinIBITPeter BrandtUS Bitcoin ETFs
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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