 Bitcoin hits $73.6K as fundamentals suggest new all-time highs are programmed 
2024-10-30

Bitcoin BTCUSD 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
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. 
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
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.” 
Open interest rises to a new all-time high 
On the run-up to the all-time high, Bitcoin open interest hit a new all-time high at $43.6 billion. This highlights market participants’ interest in BTC, and the ramp-up as the price hits new all-time highs can be interpreted as a positive investor sentiment indicator. 
Contango, a juicy basis trade, and CME futures hitting new all-time highs. 
For the past 2 days, the Bitcoin market has been in contango, with futures prices leading the spot price, and on Oct. 29, Bitcoin hit a new all-time high at $74,485 in the CME futures. 
Regarding the popularity of the basis trade in the futures market, HighStrike head of crypto options and derivatives analyst JJ told Cointelegraph: 

JJ elaborated by explaining that: 
What is different about this move over $70k compared to prior attempts, is the market's lack of ambition to buy OTM wings. 
Despite the move higher in spot, the 10-delta fly has been trending lower -- moving toward the lower end of the yearly range. In essence; the market isn't… pic.twitter.com/MTH8qzYE6Z
Traders bet on a Trump election victory and a crypto-friendly presidency
Bitcoin futures markets reflect a rapacious appetite for calls in the options market, a potential gamma squeeze and traders positioning for what they believe will be a Trump election victory, followed by a crypto-friendly administration. 
for every 1% move up between $71k and $85k, dealers need to hedge $15m. if we move up from $71k to $85k, dealers need to net buy $252m to hedge. 
there are a number of ways for dealers to hedge if we move higher, but buying spot is probably the cheapest#bitcoin #gamma pic.twitter.com/CnBkeCYOsM

Spot Bitcoin ETF inflows soar

Inflows to the spot Bitcoin ETFs have soared over the past two weeks, with more than $3.8 billion entering the instruments during this time. The trend continued on Oct. 28 as Farside Investors data shows the ETFs taking in $479.4 million. To date, the total assets under management in the ETFs sit at $68.5 billion, and professional traders anticipate this figure to rise as options launch on the ETFs in the near future. 
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.