Bitcoin Faces Crucial Breakthrough Test as it Approaches 70000 Pressure Point This Week

Bitpush News Report:
Bitcoin futures nominal open interest reaches a new high.
By BitpushNews
The financial market had a mediocre start this week, with Bitcoin facing resistance at $69,500, and the US 10-year Treasury yield surging 10 basis points to 4.19%, the highest level since July.
Under the influence of rising US Treasury yields and the US dollar index, major stock indices faced pressure, with the S&P 500 and the Dow Jones Industrial Average falling 0.18% and 0.80% respectively, while the Nasdaq 500 Index rose 0.27%.
According to data from Bitpush, after reaching a high of $69,500 early Monday morning, Bitcoin was pushed down to a daily low of $66,796 by the bears. Subsequently, buyers entered the market at a low point, pushing the price back above $67,500. As of press time, the BTC trading price was $67,728, with a 24-hour decrease of 2.19%.


Altcoins followed Bitcoin’s decline, with most of the top 200 tokens in terms of market capitalization experiencing losses. The largest gainers of the day were Amp (AMP), with a gain of 9.8%, followed by Raydium (RAY) and cat in a dogs world (MEW) with gains of 9% and 8.7% respectively. First Neiro on Ethereum (NEIRO) fell by 8.4%, while Blur (BLUR) fell by 7.4% and Echelon Prime (PRIME) fell by 7%.
The total market capitalization of cryptocurrencies is currently $2.34 trillion, with Bitcoin’s market dominance at 57.1%.
Bitcoin futures nominal open interest reaches a new high
According to Coinglass data, the nominal open interest of Bitcoin futures, denominated in USD and tracking mainstream exchanges, broke through $40.63 billion over the weekend, reaching a new all-time high. In terms of tokens, the open interest was 592,000 BTC, the highest level since December 2022.


Open interest refers to unsettled futures bets, indicating new funds entering the market. The rise of this indicator, along with the rise in prices, confirms the upward trend.
In terms of BTC ETF, a considerable amount of funds have flowed in. BTC ETF attracted $273.7 million in funds, with major contributions coming from Ark. BlackRock’s IBIT ETF performed outstandingly, attracting over $1.1 billion in funds last week, ranking third in net inflows since the beginning of the year.
Expected to break $70,000 this week?
Maria Carola, CEO of StealthEX, said, “The probability of Trump winning the election has recently increased, which has had a positive impact on the price of Bitcoin. It is expected that Bitcoin will break the important psychological threshold of $70,000 by Friday. However, the possibility of reaching an all-time high this week is still low.”
She added, “Geopolitical factors such as the US election, conflicts in the Middle East, and the evolving global regulation of stablecoins may bring significant unexpected market events (black swans) to the cryptocurrency market before the holidays. In November, Bitcoin may surpass its all-time high and steadily grow towards the next important milestone of $100,000 per coin.”
Michaël van de Poppe, founder of MN Consultancy, said, “The bull market has arrived” whether Bitcoin reaches an all-time high this month or next month.
CryptoQuant data shows that whale activity is still increasing, with more holdings.


Alan Santana, a TradingView analyst, said that as the bull market heats up after the halving, the price of Bitcoin could rebound to $300,000 in this cycle and could soar to $130,000 by early 2025.
In his latest update, Santana stated, “We don’t expect targets like $100,000 and $130,000 in 2025 to be achieved easily, and it’s likely to be the first significant milestone achieved around March 2025 or later when the bullish action intensifies. The wrong idea is to think that these levels can be reached now, in October, November, or even December 2024. Bitcoin is still testing the support level of the 200MA.”


Alan Santana explained, “Bitcoin tends to reach its peak in the late stage of a bull market. This is to give the rest of the market enough time to play out. Considering this, we will have enough time for the bull market wave to develop, which will require months of price increases. Imagine Bitcoin reaching new highs in the first quarter of 2025, followed by a slight correction, months of consolidation, and then further price increases. Before the final bull market, we could see a consolidation period of 3-7 months. The final bull market will produce a new all-time high, with the highest price ranging from $155,000 (conservative estimate) to $180,000 to $208,000 (inflation/war-assumption premise). This is more consistent with Bitcoin’s past performance.”