Bitcoin surged to a new high on Monday, surpassing the $70,000 mark for the first time since late July, peaking at an intraday high of $70,218 per coin.
The cryptocurrency market experienced a significant shift today, with Bitcoin (BTC) climbing 2.6% against the U.S. dollar to reach $70,218 by 6:10 p.m. ET. By 8:10 p.m. ET, the price had cooled slightly to $69,723, just below the $70,000 psychological barrier. Notably, Bitcoin had not reached the $70,000 range since July 28, 2024.
The upcoming week is filled with impactful events, including the U.S. election on Nov. 5, the U.S. Gross Domestic Product (GDP) report on Wednesday, and the Federal Open Market Committee (FOMC) meeting scheduled for two days after the election. It's not just Bitcoin experiencing gains, as several altcoins have also joined the rise.
The cryptocurrency market as a whole now has a valuation of $2.31 trillion, with $84.06 billion in trade volume over the past 24 hours—an 86% increase from Sunday's figures. Current data from coinmarketcap.com shows Bitcoin dominance at 59.8% of the crypto economy. The Crypto Fear and Greed Index (CFGI) from alternative.me is signaling "greed" with a score of 72 out of 100.
In South Korea, Upbit shows a premium with Bitcoin priced at $70,427 as it remains steady in the $70,000 range. Bitcoin futures are also gaining traction, with open interest (OI) soaring to $40.91 billion, led by CME Group’s share of $11.49 billion. Binance follows with $8.73 billion in OI, Bybit at $6.29 billion, and Bitget holding $4.06 billion.
On the derivatives front, activity seems cautious, with only $168.69 million in positions liquidated over the past day, according to coinglass.com. Most liquidations impacted short positions, with $95.81 million lost on shorts—$39.59 million for BTC shorts and $16.76 million for ETH shorts. Bitcoin sits just 5.3% shy of its all-time high of $73.7K, reached on March 14, 2024.
If Bitcoin breaks through this range, it would enter uncharted territory with the potential for anything to unfold. As Bitcoin edges closer to its historic peak, anticipation is palpable within the crypto space. With the U.S. election, economic indicators, and critical Federal Reserve decisions just days away, investors are bracing for potential shifts. Whether Bitcoin sustains momentum or faces resistance, the unfolding week promises to shape market sentiment, potentially setting the tone for year-end dynamics in digital assets.