The October trading of the futures market was very bullish as the total volume is already on the verge of smashing $10 billion. Moreover, open interest has increased since July and currently stands at $1.86 billion in just 6 days. The numbers may swell by the end of October 2021 as the price of Bitcoin (BTC) may rise very soon.
With the new rise in the asset’s price, it seems that buying positions are more speculative compared to short positions. Many traders are hoping that the bullish momentum is on track until the crypto reaches ATH. However, in the meantime, the origin has to go beyond some pivotal areas.
Also Read: Ethereum Stabilizes to $3,500! Here is when the range from $4,000 to $5,000 is achieved
Currently, Bitcoin price is heading strongly towards the crucial resistance zone between $52,000 and $52,500. To retest the ATH, the price needs to enter the pivot zone and continue. However, the asset can consolidate a bit within these areas for a short period of time and decide the next stage.
The original appears to have run out of press time as the bears have jumped into action and reaped their profits to the limit. The price, despite the rejection near the important areas around $52,000, is still hovering in the same area. Thus, large volume induced buying pressure can remove these barriers and infect the TP region.
TP 1 – $59295
TP 2 – 63,743 dollars
Collectively, bitcoin long trading can become large after a small consolidation for a few days. At the moment, market sentiment is easing towards the price of Shiba Inu due to it rising like beasts. Thus other assets can be trending sideways due to lack of interest. Eventually, when the price of BTC regains its momentum as dominance increases, other altcoins tend to slow down. Thus, the asset could reach the expected target of around $100,000 soon.
