Why is Bitcoin (BTC) price up today?
Bitcoin open interest reached a new all-time high, and the US BTC ETF holdings soared to $66 billion as BTC rallied to $72,000. Bitcoin BTC $72,295 has witnessed a 5.70% jump over the past two days, reaching a high of $72,100 for the first time since June 2024. The $70,000 level was reclaimed after spot Bitcoin ETF flows registered net positive inflows of $479.4 million on Oct. 28.
BlackRock (IBIT) continued to lead the inflows with over $300 million, followed by ARK Invest’s (ARKB) $59.8 million influx over the past day. data also indicated that the average daily inflow into Bitcoin ETFs has been $257 million over the past 30 days, which steadily pushed BTC’s current prices above the $70,000 mark.
US Bitcoin ETF holdings top previous August 2024 highs
In keeping with daily BTC ETF inflows, Charles Edwards, Founder of Capriole Fund, highlighted a new development before Bitcoin surpassed $70,000. In an X post, Edwards stated that the US Bitcoin ETF holdings have achieved a new all-time high of $66 billion.The preceding pattern supports the growing institutional demand for BTC. Additionally, Ki-Young Ju, CEO of CryptoQuant, stated that institutional demand is already twice as strong as retail demand by the end of 2024.
Bitcoin open interest increases by $2 billion in 48 hours
On October 28, Bitcoin open interest surged by $2 billion as prices remained at $68,800. Within the next eight hours, BTC broke the $70,000 barrier, achieving a new high of $71,600 in the early hours of October 29.
Total Bitcoin OI also hit a fresh all-time high of $22.77 billion, as the crypto futures market continues to drive price activity. Meanwhile, almost $150 million in liquidation leverage positions were activated after BTC crossed $70,000, driving prices beyond $71,800. Andre Dragosch, Bitwise’s European head of research, noted that current short liquidations were the biggest since April 2024.
Bitcoin must close above $76,000 “for real” breakout
While the community celebrates BTC’s first $70,000 gain since June 2024, Peter Brandt, a well-known market trader, explained that the current rally must successfully break and close over $76,000 on the daily chart to signal a breakout “for real”.
“Diagonal patterns with slanted boundary lines are difficult to trade because the nicking of a boundary line — while exciting to bulls — does NOT represent a breakout.”
From a technical standpoint, BTC is currently encountering immediate resistance around $71,500, which was tried five times during H1 2024. Bitcoin has currently surpassed resistance, but a closing over $71,500 on the daily chart would provide more proof of ongoing upward momentum.
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