Bitcoin all-time high at $76.8K is just the beginning, according to data
2024-11-08

On Nov. 7, Bitcoin continued the trend of consecutive daily all-time highs as BTC price traded above $76,800. 
Robust spot Bitcoin ETF inflows, BTC’s break out of a 7-month-long downtrend into price discovery, and the success of the US Republican party’s red wave across the Congress, Senate and Executive branches of government are signals that have prompted multiple cohorts of institutional investors to boost their allocation to Bitcoin. 
Proof of this is seen in:


$BTC ETFs
Net Flows = +$622m pic.twitter.com/Hk5krRvC4I
When asked about the increased activity in CME Bitcoin futures and options markets, HighStrike’s head of crypto options and derivatives, JJ, said: 
JJ added:
Short-term price expectations reside in the $82,000 to $85,000 range
From the vantage point of technical analysis, traders appear to anticipate a rally to the $78,000 to $85,000 range. Aggregate order book structure at 2.5% depth shows a block of asks in the $77,000 to $78,000 range, followed by what currently looks like open air until $83,000. 
The Fibonacci extension tool currently projects the really to extend to $82,367, which lines up with the 1.618 level. 
Aggregated spot volumes have also remained consistent while the funding rate has cooled off, and liquidations have been largely insignificant during today’s rally to new price highs.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.