Bitcoin faces 70,000 USD pressure test, may see key breakout this week
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Bitcoin faces 70,000 USD pressure test, may see key breakout this week
Bitcoin futures open interest hits a new all-time high.
Navigating Web3 tides with focused insightsBy BitpushNews
Financial markets opened the week on a quiet note, with Bitcoin facing bearish resistance at $69,500 while U.S. 10-year Treasury yields surged, rising 10 basis points to 4.19%—the highest level since July.
Major stock indices faced pressure as both Treasury yields and the U.S. dollar index rose. The S&P 500 and Dow Jones Industrial Average fell 0.18% and 0.80% respectively on the day, while the Nasdaq Composite gained 0.27%.
According to Bitpush data, after Bitcoin hit a high of $69,500 early Monday, bears pushed the price down to a daily low of $66,796. However, dip buyers stepped in afterward, pushing the price back above $67,500. At the time of writing, BTC was trading at $67,728, down 2.19% over 24 hours.
Altcoins followed Bitcoin lower, with most tokens among the top 200 by market cap posting losses. The biggest gainer on the day was Amp (AMP), up 9.8%, followed by Raydium (RAY) and cat in a dogs world (MEW), gaining 9% and 8.7% respectively. First Neiro on Ethereum (NEIRO) led the declines, falling 8.4%, while Blur (BLUR) dropped 7.4% and Echelon Prime (PRIME) declined 7%.
The total cryptocurrency market capitalization currently stands at $2.34 trillion, with Bitcoin’s market dominance at 57.1%.
Bitcoin Futures Open Interest Hits Record High
Data from Coinglass shows that nominal open interest in U.S. dollar-denominated Bitcoin futures across major exchanges surpassed $40.63 billion over the weekend, reaching an all-time high. In token terms, open interest stood at 592,000 BTC—the highest level since December 2022.
Open interest refers to unsettled futures bets, indicating fresh capital entering the market. Rising open interest alongside higher prices confirms an ongoing bullish trend.
BTC ETFs also saw significant inflows, attracting $273.7 million in new funds. ARK led the way, while BlackRock's IBIT ETF performed particularly well, pulling in over $1.1 billion last week—the strongest weekly performance since March and the third-largest year-to-date inflow for BTC ETFs.
Will Bitcoin Break $70,000 This Week?
Maria Carola, CEO of StealthEX, said: "The probability of Trump winning the election has recently increased, which is having a positive impact on Bitcoin’s price. We expect Bitcoin to break through the key psychological threshold of $70,000 by Friday. However, the likelihood of setting a new all-time high (ATH) this week remains low."
She added: "Geopolitical factors such as the U.S. election, Middle East conflicts, and evolving global regulations around stablecoins could trigger significant unexpected market events (black swans) in the crypto market before the holiday season. In November, Bitcoin may surpass its previous all-time high and steadily climb toward the next major milestone—$100,000 per coin."
Michaël van de Poppe, founder of MN Consultancy, stated that whether Bitcoin hits a new ATH this month or next, "the bull market has already arrived."
CryptoQuant data shows whale activity continues to increase, with whales accumulating larger amounts.
TradingView analyst Alan Santana said that as the post-halving bull market begins to heat up, Bitcoin could rebound to $300,000 in this cycle, potentially surging to $130,000 by early 2025.
In his latest update, Santana noted: "We don’t expect targets like $100,000 or $130,000 to be mere goals in 2025—they are quite achievable and likely represent just the first major milestones after bullish momentum intensifies around March 2025 or later. It's a misconception to think these levels can be reached now, in October, November, or even December 2024. Bitcoin is still testing support at the 200-day moving average."
Alan Santana explained: "Bitcoin tends to peak late in bull markets. This allows time for broader market participation. With that in mind, we have ample time for the bull wave to develop, which will require months of sustained price increases. Imagine Bitcoin fully ramping up to new highs by the end of Q1 2025, followed by a slight pullback and consolidation for several months, then further price gains. Before the final bull phase, we might see 3–7 months of range-bound action. The final bull run will produce a new all-time high, ranging between $155,000 (conservative estimate) and $180,000–$208,000 (under inflation/war scenarios). This aligns more closely with Bitcoin’s historical behavior."
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