Bitcoin (BTC) surpassed $72,000 after Wall Street opened on October 29 as strength eroded from the final resistance level before hitting an all-time high.
BTC/USD 1-hour chart. Source: TradingView
Bitcoin Trader Consensus: “Goes Higher After Pullback”
Data from Cointelegraph Markets Pro and TradingView showed BTC prices rising nearly 4% on the day.
After consolidating through the Asian trading session, upward momentum in BTC/USD reemerged as bulls continued to keep pressure on sell liquidity.
Commenting on the current move, Keith Alan, co-founder of trading resource Material Indicators, said buyers were now “evaluating significant moves”.
“A move above $72,000 could send the bears into hibernation, but be prepared for a retest of support before proceeding ATH,” he reasoned in one of his latest posts on X.
BTC/USD 1-day chart. Source: Keith Alan/X
Material indicators slowly increased below $70,000, capturing bid liquidity rising above the exchange order book.
Data from monitoring resource CoinGlass shows liquidity around $70,500.
BTC liquidation heatmap (screenshot). Source: Coinglass
As a result, trader, analyst and entrepreneur Michaël van de Poppe predicted, “We have liquidity above $70,000, but since this is unemployment week, I think Bitcoin will create a new ATH.”
Van de Poppe pointed to U.S. unemployment data expected to be released for the rest of the week.
BTC/USDT 12-hour chart with RSI data. Source: Michaël van de Poppe/X
Popular trader and analyst Josh Rager agreed on the possibility of a return to price discovery, saying “$BTC knows what to do.”
“I expect eventually a break in ATH, then a decline, and then a further rise.”
The market sees “strong positioning” for BTC price growth.
Meanwhile, updating its Telegram channel subscribers, trading firm QCP Capital identified several macroeconomic and geopolitical catalysts driving BTC price strength in the near term and beyond.
relevant: Bitcoin Analyst: BTC Price of $100,000 by February ‘Completely Reasonable’
These include the US presidential election, confirmation of the popularity of Bitcoin exchange-traded funds (ETFs), stock market performance, and more.
On this day, he said, “The implied volatility for the expiration of the election has risen to 64%, and is likely to rise further in the future.”
“As BTC consolidates above the 70,000 level, call distortion has eased, but perpetual open interest across exchanges remains at its highest level year-over-year, a sign of strong potential upside.”
As Cointelegraph reported, Bitcoin futures open interest totaled $23 billion as of October 29.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.