The Bitcoin price has broken through a 7-month consolidation level, nearing its historical all-time highs. Discussions are underway about the potential to reach $200K.

Open Interest Surge

Open interest represents the number of outstanding derivative contracts. Recent data shows Bitcoin's open interest has hit $40 billion, indicating increased trader interest. The CME holds 40% of the market, followed by exchanges like Binance and Bybit.

Institutional Interest in Bitcoin

One of the reasons for Bitcoin's high price level is the interest from institutional investors. Following the approval of a SPOT-BTC ETF, over 1.1 million BTC have entered the market. Companies like Blackrock hold significant amounts of Bitcoin.

U.S. Elections Impact on Bitcoin

The upcoming U.S. elections are considered a significant factor for the Bitcoin market. Former President Donald Trump might revise the crypto policy, potentially increasing Bitcoin's popularity in the country.

Bitcoin continues to attract the attention of traders and investors. The influence of institutional players and political events may determine future price dynamics, and Bitcoin could reach new all-time highs in the coming years.