On November 7, Bitcoin continued its upward trend, reaching a new all-time high above $76,800. Key factors for this increase include robust Bitcoin ETF inflows, breaking out of a long downtrend and the success of the Republican party in the US elections.
Record Bitcoin Prices
On November 6, Bitcoin futures trading volume on CME reached a new high of $13.15 billion, with open interest at 15,255 BTC.
Institutional Investor Interest Growth
Institutional investors are significantly increasing their Bitcoin allocations, evidenced by the addition of $1.1 billion in open interest. This confidence arises from an anticipated favorable political climate in the US. Quote from HighStrike's head of crypto options and derivatives, JJ:
Future Predictions
Technical analysts foresee further BTC rally extending to the $82,000 to $85,000 range. Market order book analysis shows a block of orders around $77,000 to $78,000, possibly clearing the way to $83,000. Fibonacci tool suggests a potential target of $82,367.
The ongoing increase in Bitcoin prices and investor interest is supported by global events and political changes. However, it is advised that investors carefully consider potential risks before making decisions.
