The October trade for the futures market was pretty bullish as the total volume is already on the verge to smash $10 billion. Moreover, the open interest is elevating since July and currently stands at $1.86 billion in just 6 days. The figures are could swell by the end of October 2021 as Bitcoin (BTC) price could range high very soon.
With the fresh surge in the price of the asset, the speculation for longs appears to be more compared to that of the shorts. Many traders hope the bullish momentum could be in track until the crypto reaches its ATH. However, in the meantime, the asset needs to surpass some pivotal zones.
Currently, the BTC price is strongly heading towards the crucial resistance zone between $52,000 and $52500. In order to retest the ATH, the price needs to enter the pivotal zone and sustain. However, the asset could consolidate a little within these zones for a short time frame and decide the next leg.
The asset appears to be exhausted a the press time as the bears have jumped in action and extracting their profits at the maximum. The price despite rejection close to the important zones around $52K, is still hovering at the same region. And hence an induced buying pressure with extensive volume could clear these barriers and hit the ‘TP- Zone’.
TP 1 – $59295
TP 2 – $63743
Collectively, the Bitcoin long trade could get extensive after a small consolidation for a couple of days. Currently, the market sentiments are lenient towards Shiba Inu price as it’s soaring like a monster. And hence the other assets could trend sideways due to lack of attention. Ultimately, when BTC price regains its momentum with growing dominance, other altcoins tend to slow down their pace. And hence the asset could hit the projected target of around $100K very soon.