United

Bitcoin

when

Material

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="null">BTC</a>) passed $72,000 after the Oct. 29 Wall Street open as bulls ate away at final resistance before all-time highs.
<figure>
 <img alt="Bitcoin Price, Markets, Market Analysis" src="https://s3.cointelegraph.com/uploads/2024-10/0192d91f-d16b-7c2a-9e88-43e307233cf2" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="bitcoin-trader-consensus-pullback-then-higher">Bitcoin trader consensus: “Pullback, then higher”</h2>
Data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="" target="_self" text="null" title="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a data-ct-non-breakable="null" href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" rel="nofollow noopener" target="_blank" text="null" title="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE">TradingView</a> captured nearly 4% BTC price gains on the day.
After consolidating through the Asia trading session, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-bulls-toward-72k-analysts-six-figure-btc-price-targets" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-bulls-toward-72k-analysts-six-figure-btc-price-targets">upside momentum returned</a> to BTC/USD as bulls kept up pressure on sell-side liquidity.
Commenting on the current moves, Keith Alan, co-founder of trading resource Material Indicators, said that buyers were now “sizing up a critical move.”
&nbsp;“A move above $72k may send bears into hibernation, but be prepared for a retest of support before going after an ATH,” he <a data-ct-non-breakable="null" href="https://x.com/KAProductions/status/1851231932744450408" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/KAProductions/status/1851231932744450408">reasoned</a> in one of his latest posts on X.
<figure>
 <img alt="Bitcoin trader sees all-time high ‘this week’ as BTC price nears $73K" src="https://s3.cointelegraph.com/uploads/2024-10/0192d91a-29ec-705b-86ab-32b8d085b00a" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: Keith Alan/X
 </figcaption>
</figure>
Material Indicators <a data-ct-non-breakable="null" href="https://x.com/MI_Algos/status/1851233291782730022/photo/1" rel="null" target="null" text="null" title="null">captured</a> bid liquidity moving higher up exchange order books, slowly increasing below the $70,000 mark.
Data from monitoring resource <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" rel="null" target="null" text="null" title="null">CoinGlass</a> additionally showed a line of liquidity forming around $70,500.
<figure>
 <img alt="Bitcoin trader sees all-time high ‘this week’ as BTC price nears $73K" src="https://s3.cointelegraph.com/uploads/2024-10/0192d91b-0c1b-7fc2-940b-e9992a86cec7" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
 </figcaption>
</figure>
“Taking liquidity above $70K, but I think that Bitcoin is going to make a new ATH this week as it’s Unemployment week,” trader, analyst and entrepreneur Michaël van de Poppe <a data-ct-non-breakable="null" href="https://x.com/CryptoMichNL/status/1851187224504840608" rel="null" target="null" text="null" title="null">forecast</a> as a result.
Van de Poppe referred to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/most-bullish-weekly-close-5-things-bitcoin-this-week" rel="" target="_self" text="null" title="https://cointelegraph.com/news/most-bullish-weekly-close-5-things-bitcoin-this-week">upcoming United States unemployment data</a>, due for release throughout the remainder of the week.
<figure>
 <img alt="Bitcoin trader sees all-time high ‘this week’ as BTC price nears $73K" src="https://s3.cointelegraph.com/uploads/2024-10/0192d91b-a0de-798f-aa11-f8d3bbbf8f81" title="">
 <figcaption style="text-align: center;">
 BTC/USDT 12-hour chart with RSI data. Source: Michaël van de Poppe/X
 </figcaption>
</figure>
“BTC knows what must be done,” popular trader and analyst Josh Rager <a data-ct-non-breakable="null" href="https://x.com/Rager/status/1851231400654950433" rel="null" target="null" text="null" title="null">continued</a>, agreeing on the odds of a return to price discovery.
<blockquote>
 “Imo eventually expect a break of ATH, then a pullback, then higher.”
</blockquote>
<h2 id="markets-see-strong-positioning-for-btc-price-upside">Markets see “strong positioning” for BTC price upside</h2>
Updating Telegram channel subscribers, meanwhile, trading firm QCP Capital saw multiple macroeconomic and geopolitical catalysts fueling BTC price strength in the short term and beyond.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-analyst-100k-btc-price-february-completely-within-reason" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-analyst-100k-btc-price-february-completely-within-reason">Bitcoin analyst: $100K BTC price by February 'completely within reason'</a>
These included the US presidential elections, spot Bitcoin exchange-traded fund (ETF) popularity and outperforming equities markets.
“Implied volatility for the election expiry has climbed to 64% and is likely to rise further,” it reported on the day.
<blockquote>
 “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.”
</blockquote>
As <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-open-interest-23b-analyst-warns-btc-price-euphoria" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-open-interest-23b-analyst-warns-btc-price-euphoria">Cointelegraph reported</a>, Bitcoin futures open interest totaled nearly $23 billion on Oct. 29.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin trader sees all-time high ‘this week’ as BTC price nears $73K

Table of Contents

Cointelegraph

Other articles published on Oct 29, 2024

Matrixport Forecasts Potential Bitcoin Rebound on ETF Demand

Xandeum Confirms XAND Token Launch and xandSOL LST for October 29

Top 3 Altcoins to Watch: These Coins Could Outperform Bitcoin in November!

Magic Eden Rolls Out TestME Token for Trial Amid Warnings on Trading

Ethereum Roadmap Unveiled: Price Surges on ‘The Splurge’ Update

Analysts Signal a ‘Perfect Storm’ for Bitcoin: U.S. Election and Market Dynamics Could Fuel New H...

Join our free newsletter for daily crypto updates!