Bitcoin (BTC) price sprinted toward its all-time high at $73,800, and this move differs from recent rallies as several fundamentals suggest that the bull market is shifting into a higher gear.
Here are six important pieces of data that signal Bitcoin is ready to hit new highs.
Bitcoin officially exits a 7-month-long downtrend
Bitcoin’s strong range break and sustained multiday close above the previous trading range inspired traders to open new positions with the intent of chasing higher targets in the $85,000 to $160,000 range, a point well illustrated by veteran trader Peter Brandt.
B I T C O I N $BTC
The 5-month inverted expanding triangle has now been completed
Follow through will be important
The post halving advance may have begun
The series of lower highs and lower lows since March has come to an end pic.twitter.com/lth9fLv0yt
— Peter Brandt (@PeterLBrandt) October 29, 2024
Bitcoin price broke through sell walls, liquidating most short traders
The longstanding wall of asks (red rectangle in candlestick chart) at $65,000 to $71,000 was cleared as Bitcoin stormed through $68,000 through $70,000, liquidating short traders and sending bears to their caves with empty pockets.
BTC/USDT chart showing sell walls and liquidation (bottom). Source: TRDR.io
Bitcoin exchange liquidation map. Source: Coinglass
Crypto market 24-hour liquidations. Source: Coinglass
Bitcoin dominance hits 60%
Bitcoin dominance, a dynamic ratio that denotes the market share of BTC in the total crypto market, moved to 60% on Oct. 29, for the first time since March 2021.
WELCOME HOME #BITCOIN DOMINANCE
It was a long journey, but BTC dominance finally made it to 60% pic.twitter.com/DsxU0OUuyu
— Benjamin Cowen (@intocryptoverse) October 29, 2024
Some traders view the Bitcoin dominance metric and the Crypto Fear & Greed Index as a guage of investor sentiment. According to CoinGecko, “There can be an impending BTC bull run when Bitcoin’s dominance and price assume an upward trend.”
Related: Bitcoin trader sees all-time high ‘this week’ as BTC price nears $73K
Open interest rises to a new all-time high
On the run-up to the…
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