Bitcoin faces pressure test at 70000 crucial breakthrough expected this week

Coinworld reported:
Bitcoin futures open interest hits a new high.
By BitpushNews
The financial market had a lackluster start this week, with Bitcoin facing resistance at $69,500 and the US 10-year Treasury yield surging 10 basis points to 4.19%, the highest level since July.
Under the influence of rising US Treasury yields and the US dollar index, major stock indices faced pressure, with the S&P 500 and Dow Jones indices falling 0.18% and 0.80% respectively, while the Nasdaq 500 index rose 0.27%.
According to Bitpush data, after reaching a high of $69,500 early Monday morning, Bitcoin was pushed down to a daily low of $66,796 by the bears. Subsequently, buyers entered at the lows and pushed it back above $67,500. As of the time of writing, the BTC trading price is $67,728, with a 24-hour decrease of 2.19%.


Altcoins followed Bitcoin’s decline, with most of the top 200 tokens by market capitalization experiencing losses. Amp (AMP) had the highest daily increase of 9.8%, followed by Raydium (RAY) and cat in a dogs world (MEW) with increases of 9% and 8.7% respectively. First Neiro on Ethereum (NEIRO) led the decline, falling 8.4%, while Blur (BLUR) fell 7.4% and Echelon Prime (PRIME) fell 7%.
The total market capitalization of cryptocurrencies is currently $2.34 trillion, with Bitcoin’s market share at 57.1%.
Bitcoin futures open interest hits a new high.
According to Coinglass data, the nominal value of Bitcoin futures open interest, tracking major exchanges, surpassed $40.63 billion over the weekend, reaching a new all-time high. In terms of tokens, the open interest is 592,000 BTC, the highest level since December 2022.


Open interest refers to unsettled futures bets, indicating new funds entering the market. The increase in this indicator, along with the rise in prices, confirms the upward trend.
In terms of BTC ETFs, there has been a significant influx of funds, with BTC ETFs attracting $273.7 million in inflows, mainly from Ark. BlackRock’s IBIT ETF performed well, attracting over $1.1 billion in funds last week, ranking third in the year-to-date ETF inflows.
Expected to break $70,000 this week?
Maria Carola, CEO of StealthEX, said, “The probability of Trump winning the election has recently increased, which has had a positive impact on the price of Bitcoin. It is expected that Bitcoin will break the important psychological threshold of $70,000 by Friday. However, the possibility of reaching an all-time high (ATH) this week is still low.”
She added, “Geopolitical factors, such as the US election, conflicts in the Middle East, and the evolving global regulation of stablecoins, could bring significant unexpected market events (black swans) to the cryptocurrency market before the holidays. In November, Bitcoin may exceed its all-time high and steadily increase towards the next important milestone of $100,000 per coin.”
Michaël van de Poppe, founder of MN Consultancy, said, “The bull market has arrived” whether Bitcoin reaches a new all-time high this month or next.
CryptoQuant data shows that whale activity is still increasing, with more holdings being accumulated.


Alan Santana, a TradingView analyst, said that as the bull market heats up after the halving, Bitcoin’s price could rebound to $300,000 during this cycle and could soar to $130,000 by early 2025.
In his latest update, Santana stated, “We do not expect $100,000 and $130,000 to be small targets in 2025. These numbers are quite attainable and are likely to be the first significant milestones achieved after the bullish action intensifies in March 2025 or later. The wrong idea is to think that these levels can be reached now, in October, November, or even December 2024. Bitcoin is still testing support at the 200MA.”


Alan Santana explained, “Bitcoin tends to reach its peak in the late stages of a bull market. This is to allow the rest of the market to have time to play out. Considering this, we will have enough time for the bull market wave to develop, and this will require months of price increases. Imagine Bitcoin reaching new highs by the end of the first quarter of 2025, followed by a small pullback, a period of consolidation for several months, and then further price increases. Before the final bull market, we can expect a consolidation phase of 3-7 months. The final bull market will produce a new all-time high, with prices ranging between $155,000 (conservative estimate) and $180,000 to $208,000 (inflation/war hypothesis). This is more consistent with Bitcoin’s past performance.”