Highlights:
- Bitcoin price continues to show bullish momentum after surpassing all-time highs
- A continuation of this momentum puts $80k in focus in the short-term
- Positive indicators like miner data point to higher Bitcoin prices
Bitcoin continues to show strength after rallying through its all-time highs following Donald Trump’s election. In the last 24 hours, Bitcoin has rallied by 1.85% and, when going to press, was trading at $74,910.92.
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Technical Analysis – Bulls Remain in Control After Rally Through All-Time Highs
From the charts, Bitcoin price continues to show strong momentum and has no resistance at this point. After rallying through the $71,353 resistance, Bitcoin now has the leeway to go higher depending on how volumes play out. If buying volumes increase, Bitcoin could rally to $80k in the short term.
However, in the event of a correction, then Bitcoin could find strong support at $71,353, which is now a key support level. Overall, the odds are higher that Bitcoin could be headed higher. There are several core factors that bulls are firmly in control.
WE ARE GOING TO BUILD A STRATEGIC BITCOIN RESERVE 🇺🇸 🇺🇸 🇺🇸
— Senator Cynthia Lummis (@SenLummis) November 6, 2024
Miners are Getting Active Again
One of the biggest indicators of the rising bullish sentiment around Bitcoin price is the fact that miners are willing to spend more on machines. One of the miners that has committed to more investment in Bitcoin mining is Hut 8. Starting in 2025, Hut 8, a bitcoin mining company, is expecting to expand its self-mining hash rate by 66 percent.
This forecast came after the company made a deal finalizing the buy of 31,145 Bitmain antminer s21 plus machines. Hut 8 expects to increase its hash rate from 5.6 exahashes per second to almost 9.3 exahashes. For this reason, the company bought the new equipment at the price of $15 per terahash.
Back in September, Hut 8 announced a contract option, which gave the company a chance of increased hash rate by an extra15 EH/s. This options contract gives Hut 8 the capacity to reach 24 EH/s if exercised.
CEO Asher Genoot said that, compared to other variants this S21+ model stands out due to its efficiency and being able to maintain lower capital costs. Genoot also mentioned the S21 model’s strong return profile. With the new deployment, the efficiency rate of Hut 8 is expected to go up by 37% with the new efficiency rate being J/TH 19.9 from TH 31.7.
The renewed push to invest in mining machines signals that miners anticipate a rising Bitcoin price. It makes the case for Bitcoin hitting prices above $100k more realistic in the short term.
Bitcoin Open Interest Rising on Binance
Bitcoin Open Interest continues to rise on major exchanges an indicator of the rising demand. Yesterday, Binance reported open interest (OI) of 8.3 billion dollars which is the highest recorded open interest they have ever had. It also represents 35% of total open interest across exchanges, which is currently at $23.3 billion.
BTC OPEN INTEREST SETS NEW HIGHS, TRUMP WIN FUELS OPTIMISM
Bitcoin smashed through $75,000, setting a new record and pushing Open Interest to an all-time high of $45.41 billion.
Traders are watching short positions worth $1.26 billion—primed for liquidation.
Veteran analysts… pic.twitter.com/zB7cCjSPQr
— IBC Group Official (@ibcgroupio) November 7, 2024
A similar scenario played out with Coinbase where 24-hour data points to rising Bitcoin demand in the US. Another reflection of rising interest in Bitcoin, especially from institutions, is the fact that on November 6, eleven whales withdrew around $132 million in Bitcoin from Binance. This is an indicator that they are holding and may not be looking to sell any time soon.
A Recap on Bitcoin Price
Bitcoin’s rally through all-time highs opens a new door of possibilities. Rising open interest on exchanges and miner investments point to the rising demand. The growing number of whales taking Bitcoin out of exchanges is also a positive indicator for the number one cryptocurrency.
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