Greed

Bitcoin

Rally

Bitcoin price jumped to $73,500 during U.S. trading on Tuesday, just below its all-time high. The record of $73,798 was set on March 14. This surge shows signs of a bull market, with several indicators suggesting Bitcoin could reach new highs. 
First, Bitcoin has officially broken out of a seven-month downtrend. Its recent strong performance above the $68,000 mark has encouraged traders to pursue higher targets, with some eyeing ranges between $85,000 and $160,000, as noted by veteran trader <a href="https://x.com/PeterLBrandt/status/1851092865188769796" target="_blank" rel="noreferrer noopener nofollow">Peter Brandt</a>. 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
 <img loading="lazy" decoding="async" width="1024" height="448" src="https://www.cryptotimes.io/wp-content/uploads/2024/10/Bitcoin-Price-Tops-73.5K-Climbing-Close-to-New-Record-High-1024x448.jpg" alt="Bitcoin Price Tops $73.5K Climbing Close to New Record High" class="wp-image-211479" srcset="https://www.cryptotimes.io/wp-content/uploads/2024/10/Bitcoin-Price-Tops-73.5K-Climbing-Close-to-New-Record-High-1024x448.jpg 1024w, https://www.cryptotimes.io/wp-content/uploads/2024/10/Bitcoin-Price-Tops-73.5K-Climbing-Close-to-New-Record-High-800x350.jpg 800w, https://www.cryptotimes.io/wp-content/uploads/2024/10/Bitcoin-Price-Tops-73.5K-Climbing-Close-to-New-Record-High-768x336.jpg 768w, https://www.cryptotimes.io/wp-content/uploads/2024/10/Bitcoin-Price-Tops-73.5K-Climbing-Close-to-New-Record-High-860x376.jpg 860w, https://www.cryptotimes.io/wp-content/uploads/2024/10/Bitcoin-Price-Tops-73.5K-Climbing-Close-to-New-Record-High.jpg 1028w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 Bitcoin Price Chart | Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
 </figcaption>
 </figure>
</div> 
Second, Bitcoin’s price action has cleared significant sell walls in the $65,000 to $71,000 range, liquidating many short positions. This move has left short traders with losses, pushing bears to retreat. 
Additionally, Bitcoin’s market dominance has climbed to 60%, the highest level since March 2021. This metric is often viewed alongside the Crypto Fear &amp; Greed Index as a barometer of investor sentiment, with rising dominance indicating a potential bull run. 
Open interest in Bitcoin futures has also surged to a new all-time high of $43.6 billion, reflecting strong interest from market participants. This uptick is seen as a positive indicator of investor sentiment as Bitcoin approaches its all-time high. 
Moreover, the CME futures market has entered contango, with futures prices exceeding spot prices. This indicates growing interest in Bitcoin, as traders prepare for upcoming price movements. 
Lastly, there has been a significant inflow into spot Bitcoin ETFs, totaling over $3.8 billion in the past two weeks alone. As of October 28, the total assets under management in these <a href="https://farside.co.uk/btc/#google_vignette" target="_blank" rel="noreferrer noopener">ETFs reached</a> $68.5 billion, with expectations of further growth. 
These factors combined suggest that Bitcoin is on the brink of a major breakout, potentially leading to new all-time highs. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/10/29/bitcoins-bullish-rally-aims-for-80000-by-2025-end/" target="_blank" rel="noreferrer noopener">Bitcoin’s Bullish Rally Aims for $80,000 by 2025 End</a> 
</blockquote>

Bitcoin Price Reaches $73.5K Close to New Record High

The Crypto Times

Other articles published on Oct 30, 2024

Bitcoin Set to Soar? China’s $2.13 Trillion Stimulus Could Be the Catalyst

Dogecoin Aims For New Yearly High Amidst Price Correction Speculation

Reddit Reports Sale of Its Cryptocurrency Holdings

Coinbase Trading Volume Decline 13% in Q3 Over 24% Slump in Ether

Chainlink Unveils New Modular CRE for Multi-Chain Flexibility

Pepe Gets Listed on Regulated Japanese Exchange BitPoint

Join our free newsletter for daily crypto updates!