The cryptocurrency market has turned green as Bitcoin surged past $73,000, marking a fresh all-time high at $73,544 and fueling gains across digital assets.
Bitcoin’s 1% increase over the last 24 hours brought its seven-day gain to 8.85%, positioning the asset as a primary driver in the market rally.
This rise in Bitcoin’s price, coupled with a 7.2% spike in trading volume to over $52 billion, underscores an uptick in investor enthusiasm, as it stabilizes around the $72,000 level.
The bullish trend appears to be propelled by strong institutional demand, with U.S. Bitcoin ETF holdings reaching an unprecedented $66 billion.
“This surge is driven by robust institutional demand,” commented Shivam Thakral, CEO of BuyUcoin.
“With Bitcoin open interest up by $2 billion within just 48 hours, there is a clear signal of heightened trading activity and market optimism,” he added.
Spot Bitcoin ETFs have recorded significant inflows as well, with U.S.-listed products bringing in $870 million on Tuesday alone—the third-highest single-day inflow since these funds launched in January.
The spike in ETF demand mirrors the broader surge in Bitcoin’s price, which comes at a critical moment ahead of next week’s U.S. elections.
Analysts view the elections as a potential trigger for market volatility, with options betting indicating that traders expect Bitcoin’s price to target between $78,000 and $80,000 in November, regardless of the election outcome.
Bloomberg ETF analyst Eric Balchunas noted on X (formerly Twitter) that Tuesday saw $3.3 billion in trading volume for the ProShares Bitcoin Strategy ETF ($IBIT), a six-month peak. Such elevated trading activity during a market upswing is notable, as ETF volumes usually spike during downturns or crises.
Balchunas attributes this to a potential “FOMO frenzy,” similar to the 2020 ARK Innovation ETF rush, driven by investors’ fear of missing out on the Bitcoin price rally.
With institutional interest and favorable market conditions aligning, Bitcoin’s upward momentum is increasingly seen as more than a fleeting spike. Analysts suggest a close above the $76,000 level would signal a strong, sustained breakout for Bitcoin.
Key Bitcoin Price levels to watch in November 2024
- Between $74,500 and $75,500 is an upside target zone, suggesting this could be a significant resistance if Bitcoin approaches or breaks through these levels.
- There’s an expectation of Bitcoin testing the $71,500 – $72,000 support range after reaching higher resistance levels.
- Analysts have pointed towards a possible move towards $77,000 – $80,000, with $73,800 being marked as a key level to flip into support for such an ascent.
Read Also: Bitcoin Surges Past $70K, Supported by ‘Golden Cross’ and Election Optimism
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