As Bitcoin continues to rally on the Chicago Mercantile Exchange (CME), traders and analysts are eagerly awaiting a new all-time high (ATH). Over the past week, we have seen confident candles in the BTC futures market, and now there is one key volume level left on the way to a new ATH - $69,715.
Futures situation: reports and positions
An analysis of the CME Commitment of Traders reports confirms the current optimism. The Commercial category holds a significant amount of LONG positions, with 2,332 contracts as of October 15, 2024. This indicates a high level of confidence among market participants who expect the rally to continue.
Technical Analysis: Volume Levels and Key Zones
As you can see from the chart, key support and resistance zones have been breached in recent months. It is important to note that after the volatile summer months ended, September and October have seen consolidation, with a bullish trend emerging. The last volume barrier at $69,715 could be the final point before a new all-time high.
Conclusion
Given the dominant long positions of commercial participants and positive technical signals, a breakout of $69,715 seems very likely. Will we see a new ATH of Bitcoin soon? The next week will probably give an answer to this question.
