Data shows Bitcoin’s all-time high of 76.8K is just the beginning.

On November 7, Bitcoin continued its trend of consecutive daily all-time highs with the BTC price trading above $76,800.

Strong spot Bitcoin ​ETF inflows, BTC’s price discovery breaking out of a seven-month downward trend, and the success of the US Republican Party’s red wave across Congress, the Senate, and the administration are signals that have triggered several institutional groups. Investors strive to increase their allocations to Bitcoin.

Evidence of this can be seen below:

• CME BTC futures trading volume hit an all-time high of $13.15 billion on November 6, with CME open interest reaching 15,255 BTC on the same day.

• What is clear within CME is that institutional investors are expecting further upside, and the addition of $1.1 billion in open interest on November 6 reflects this belief.

• Spot Bitcoin ​ETFs see inflows in the $1 billion range before the election, with strong flows following the election.

$BTC ETF

Net flow = +$622m pic.twitter.com/Hk5krRvC4I

— #333kByJuly2025 (@CarpeNoctom) November 7, 2024

• Bitcoin’s public interest has steadily grown and cryptocurrency advocates have been elected in every branch of the U.S. government.
• Stock and cryptocurrency markets are reacting positively to expectations that interest rates will continue to fall, which was strengthened by the U.S. Federal Reserve’s (Fed) decision to cut interest rates by one point on the 25th.
• The growing likelihood that the U.S. will create a strategic Bitcoin reserve and expectations that the U.S. Federal Reserve will cut interest rates in the upcoming FOMC are also boosting investor confidence and leading market participants to increase allocations to stocks and cryptocurrency assets.

When asked about the increased activity in the CME Bitcoin futures and options market, JJ, Head of Cryptocurrency Options and Derivatives at HighStrike, said:

“The persistent demand for Coinbase spot reflects the growing appetite of US institutional investors following Trump’s victory and the disappearance of White House hostility towards the industry. Additionally, given the lack of realized volatility during the election period compared to implied volatility in previous options markets (over 90%), we look to find a level at which long-term implied volatility levels may stabilize and bottom out at the 50% level. I’m watching. The region (BTC ATM IV chart on Velo) is where we have spent most of the time for consolidation over the past two months.”

JJ added:

“Despite the move to a new ATH for BTC, buying long-dated call options is likely to remain attractive from an options perspective as new demand Option IV inflows are nowhere near the previous ATH levels seen in March when longer term contracts were in place. Dated IV has been well above 80% and even peaked at around 70% during the July rally.”

Near-term price expectations are in the $82,000 to $85,000 range.

From a technical analysis perspective, traders appear to be expecting a rise into the $78,000 to $85,000 range. The full order book structure at 2.5% depth shows a request block in the $77,000-$78,000 range, followed by a portion that appears to be currently open up to $83,000.

The Fibonacci extension tool currently expects the rally to extend to $82,367, which is consistent with the 1.618 level.

While funding rates cooled, total spot volume also remained consistent and liquidations were mostly minimal during today’s fresh price rally.