Bitcoin hit $73.6K as fundamentals show a new all-time high is programmed.

Bitcoin (BTC) price is racing toward an all-time high at $73,800, a move that differs from recent rebounds with several fundamentals suggesting the bull market is shifting to a higher pace.

Here are six important pieces of data that suggest Bitcoin is ready to hit new highs.

Bitcoin has officially broken its seven-month downtrend.

Bitcoin’s strong range breakout and close that lasted several days above its previous trading range inspired traders to open new positions with the intention of pursuing higher targets in the $85,000-$160,000 range. This point is well explained by veteran trader Peter Brandt.

Bitcoin $BTC
The 5 month inverted expanding triangle is now complete.
Follow-up will be important
Post-halving progress may have begun
The trend of consecutive highs and lows falling since March has ended. pic.twitter.com/lth9fLv0yt

— Peter Brandt (@PeterLBrandt) October 29, 2024

Bitcoin price broke through the sell wall, liquidating most short-term traders.

The long-standing request wall of $65,000-$71,000 (red rectangle on candlestick chart) was cleared as Bitcoin broke through $68,000-$70,000, liquidating short traders and sending bears with empty pockets to cave.

Bitcoin dominance surpasses 60%

Bitcoin dominance, a dynamic ratio that represents BTC’s market share in the overall cryptocurrency market, moved to 60% on October 29 for the first time since March 2021.

welcome home #Bitcoin dominance

It has been a long journey, but BTC dominance has finally reached 60%. pic.twitter.com/DsxU0OUuyu

— Benjamin Cowen (@intocryptoverse) October 29, 2024

Some traders consider the Bitcoin Dominance Indicator and the Crypto Fear and Greed Index as gauges of investor sentiment. According to CoinGecko, “A BTC bull run could be imminent given Bitcoin’s dominance and price trending upward.”

relevant: Bitcoin traders hit an all-time high ‘this week’ as BTC price approaches $73,000.

Open interest is at an all-time high.

Ahead of the all-time high, Bitcoin open interest reached an all-time high of $43.6 billion. This highlights the interest of market participants in BTC, and the upward trend with the price hitting an all-time high can be interpreted as an indicator of positive investor sentiment.

Interesting basis trading contango and CME futures hit all-time highs.

Over the past two days, the Bitcoin market has been in contango with futures prices leading spot prices. And on October 29, Bitcoin hit an all-time high of $74,485 on CME futures.

Regarding the popularity of basis trading in the futures market, JJ, cryptocurrency options and derivatives analyst at HighStrike, told Cointelegraph:

“Essentially what happened was that a lot of people ended up holding cash by buying IBIT/cash ETFs and selling CME futures, but very few people were directionally buying CME futures. You can see this by looking at the CME basis, which has fallen from 16% in February (when many were long overdue for an all-time high) to 8.75% today.”

JJ elaborated:

“What is happening now is closing the hedge to prepare for price discovery and funds with no BTC exposure are hedging their non-exposure by speculatively investing long in the election using CME. As a result, we expect CME basis to rise more than 10% by the end of the year.”

The difference in this $70,000-plus move compared to previous attempts is the market’s lack of ambition to buy OTM wings.

Despite the rise in spot prices, the 10-Delta Paris is trending downward and moving toward the lower end of its annual range. Essentially; The market is not like that… pic.twitter.com/MTH8qzYE6Z

— Jake Oh (@JO_wintermute) October 29, 2024

Traders were betting on a Trump election victory and a cryptocurrency-friendly presidency.

The Bitcoin futures market reflects the options market’s voracious appetite for calls, a potential gamma squeeze, and positioning as traders believe a Donald Trump election victory and a cryptocurrency-friendly government will follow.

For every 1% rise between $71,000 and $85,000, the dealer would have to hedge $15 million. A rise from $71,000 to $85,000 would require dealers to net buy $252m to hedge.

There are a number of ways dealers can hedge if we go higher, but buying spot is probably the cheapest.#Bitcoin #gamma pic.twitter.com/CnBkeCYOsM

— Alex Thorne (@intangiblecoins) October 29, 2024

Spot Bitcoin ETF inflows surge

Inflows into spot Bitcoin exchange-traded funds (ETFs) have surged over the past two weeks, with more than $3.8 billion flowing into the product during this period. This trend continued on October 28, with ETFs investing $479.4 million, according to Farside Investors data. Total assets under management in ETFs to date stand at $68.5 billion, and professional traders expect this number to increase as options on ETFs are launched in the near future.