Bitcoin Price Approaches $73K: Traders Predict All-Time High This Week

Bitcoin (BTC) has surged past the $72,000 mark following the opening of Wall Street on October 29, as bullish traders aggressively target the final resistance levels before reaching new all-time highs.

According to data from Cointelegraph Markets Pro and TradingView, Bitcoin experienced nearly a 4% increase in price on that day. After a period of consolidation during the Asian trading session, upward momentum returned to the BTC/USD pair, with bulls maintaining pressure on sell-side liquidity.

Keith Alan, co-founder of the trading resource Material Indicators, commented on the current market movements, suggesting that buyers are preparing for a significant upward shift. He stated, "A move above $72k may send bears into hibernation, but be prepared for a retest of support before targeting an all-time high (ATH)."

Material Indicators also noted an increase in bid liquidity on exchange order books, with levels gradually rising below the $70,000 threshold. Additionally, data from CoinGlass indicated a line of liquidity forming around the $70,500 mark.

Michaël van de Poppe, a trader and entrepreneur, predicted that Bitcoin could achieve a new ATH this week, particularly in light of the upcoming U.S. unemployment data set to be released throughout the week. He remarked, "Taking liquidity above $70K, but I think Bitcoin is going to make a new ATH this week as it’s Unemployment week."

Josh Rager, another popular trader and analyst, echoed this sentiment, stating, "BTC knows what must be done," reinforcing the likelihood of a return to price discovery.

In updates to their Telegram channel, trading firm QCP Capital highlighted several macroeconomic and geopolitical factors contributing to Bitcoin's price strength in both the short and long term. These factors include the upcoming U.S. presidential elections, the rising popularity of spot Bitcoin exchange-traded funds (ETFs), and the performance of equities markets.

The firm reported, "Implied volatility for the election expiry has climbed to 64% and is likely to rise further."

As previously reported by Cointelegraph, Bitcoin futures open interest reached nearly $23 billion on October 29.

Please note that this article does not provide investment advice or recommendations. All investments and trading activities carry risks, and readers are encouraged to conduct their own research before making any financial decisions.