Bitcoin bulls fight to hold $34K as CME BTC open interest surpasses 100K
Bitcoin (BTC) is currently battling to hold the $34,000 level after a stellar rally and short squeeze saw its price push above $35,000 on Oct. 23.
In an Oct. 24 market update, Capriole Investments founder Charles Edwards noted that after seven months of consolidation, Bitcoin’s upward move melted the $32,000 resistance “like butter.” He expects that the upcoming monthly resistance is unlikely to be a hurdle, saying:
As Cointelegraph mentioned in an earlier price update:
Regarding the catalysts for this week’s price move, Edwards agrees that the recent fervor over what looks to be a sooner-than-later Securities and Exchange Commission approval of a spot Bitcoin exchange-traded fund (ETF) is contributing to the rally, but he also cites a handful of other near-term factors.
LayerTwo Labs founder Paul Sztorc concurred, telling Cointelegraph, “I think we’re seeing meaningful inklings of a broader decoupling of Bitcoin from equities, and this divergence of sorts has taken a lot of market participants by surprise.”
Potential concerns related to “foreign conflict and rising macroeconomic uncertainty, expectations among traders had been focused on a forthcoming dip that ultimately didn’t materialize.” But Sztorc explained that during the U.S. regional banking crisis, the market underwent “a similar divergence,” which resulted in “Bitcoin outperforming then as well.”
Sztorc believes that the bulk of the recent divergent price action is that “a lot of traders and investors are now accumulating ahead of that event.”
Further proof that institutional investors are warming up to Bitcoin and the idea that a spot BTC ETF will be approved comes from the CME, where Bitcoin open interest hit a new record above 100,000 BTC. Beyond the bare price
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