Bitcoin (BTC) has surged past $72,000 following the Wall Street open on Oct. 29, bringing it within reach of a new all-time high, now just $1,000 away. Data from Cointelegraph Markets Pro and TradingView indicates that BTC/USD gained nearly 4% in just 24 hours, driven by intensified buying pressure and consistent momentum from the Asia trading session. Traders are cautiously optimistic, anticipating a brief support retest before BTC targets new highs.
Keith Alan, co-founder of Material Indicators, pointed out that BTC breaking above $72,000 could signal a hibernation for bears, but he cautioned about a possible retest at support levels before a definitive move to all-time highs. Meanwhile, Michaël van de Poppe, a prominent trader and analyst, noted that Bitcoin’s upcoming all-time high attempt aligns with key U.S.
unemployment data releases scheduled for this week, which could impact BTC's trajectory. Van de Poppe’s outlook was supported by a visible liquidity cluster of around $70,500, as illustrated in CoinGlass’s BTC heatmap. Broader market dynamics provide a favorable backdrop for BTC’s upside. QCP Capital highlights several factors contributing to BTC's strength, including uncertainties surrounding the U.S.
presidential election, the increasing popularity of spot Bitcoin ETFs, and strong performance in the equities market. Additionally, BTC futures open interest has reached a peak of $23 billion in 2023, indicating a bullish market sentiment. With BTC nearing its record highs and rising implied volatility for upcoming events, traders remain hopeful for a potential breakout..