Bitcoin At 2-Month High as Open Interest Soar Above $20 Billion: Will Bulls Break $70,000?

Bitcoin is trading at a 2-month high and inches from easing above the July 2024 resistance of around $72,000. A close above this reaction level will mark a new phase for the coin, perhaps even lifting it to fresh all-time highs, above $74,000. Even so, the path to this glorious high, if it happens, is not without resistance. The coin is slowing down, looking at price action over the past 24 hours. Although prices remain above $66,000, the immediate support, a rally taking BTC above $70,000 would be ideal. Traders can consider longs, buying on dips, and expecting prices to rally strongly.

The path of least resistance is northwards, looking at the formation in the daily chart. In the past day, the coin is stable while up 12% in the previous trading week. Meanwhile, the average trading volume is down, sliding to around $34 billion over the last 24 hours. Overall, traders are upbeat, and if there is a recovery today, a close above $70,000 could draw more activity, boosting trading volume.

Traders are watching the following Bitcoin trending news:

• In the past few days, the founder of CryptoQuant notes, the Bitcoin-USDT futures market is overleveraged. This means that the leg up is driven by speculators, introducing weakness to the uptrend.
• The Bitcoin open interest is at an all-time high. After reaching $20 billion, this is the highest it has even risen to. It prints out when the coin is less than $10,000 away from breaching all-time highs.

Bitcoin Price Analysis

BTC/USD is firm despite yesterday’s retracement.

Even with the drop, the uptrend remains.

Accordingly, traders can trade with the trend established on October 14.

As long as Bitcoin is above $66,000, every low might offer entries for traders angling for $70,000 and $72,000. So far, bars are banding along the upper BB, an indicator of strong upside momentum.

However, if there are losses and BTC slides below $66,000 today or over the weekend, there is a high chance that the coin will retest October lows at $60,000.