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Bitcoin Breakout Confirmed: 3 Price Levels to Watch Next

Bitcoin has confirmed a breakout above $67,000, signaling potential for further gains. Traders are now watching key price levels, including $70,000 and $75,000, as momentum builds.

• Main Points:

  • Breakout confirmed at $67,000: Bitcoin’s On-Balance Volume (OBV) confirms the breakout, pushing traders to focus on the next resistance at $70,000.

  • Key support at $63,000: This level serves as strong support and could hold if Bitcoin retraces after its recent surge.

  • Targeting $75,000: If Bitcoin breaks through $70,000 with solid momentum, the next target is $75,000, with potential resistance from profit-taking.

• Detailed Insights:

  • Breakout above $67,000: Bitcoin has confirmed a breakout, with OBV across major exchanges, like Binance, showing strong buying pressure. Traders are now focused on the psychological barrier of $70,000. Historically, this level has been a key point of resistance, where sellers have intervened. A surge in volume as BTC approaches $70,000 could confirm further bullish momentum, while weak volume might signal a pause.

  • Support at $63,000: On the downside, $63,000 is a crucial support level. A retracement to this zone would be considered healthy for Bitcoin, giving the asset time to cool down before attempting another move higher. Maintaining this level would indicate continued control by buyers.

  • Targeting $75,000: If Bitcoin surpasses $70,000, the next target is around $75,000. This level may attract profit-taking, creating midterm resistance. However, if buying pressure continues to build, Bitcoin could achieve this target in the short term.

Related: Is Bitcoin Price Going to Crash Again?

Bitcoin’s confirmed breakout suggests renewed strength, but traders should watch these key levels closely in the coming days to gauge the potential for further upside.

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Ethereum Price Crashes Often Follow ETH Open Interest Peaks — Will History Repeat?

Ethereum’s futures open interest hit a new all-time high on October 16, a pattern that in the past has been followed by severe price corrections. Traders are now bracing for a potential price drop as Ether struggles with resistance at $2,650.

• Main Points:

  • ETH futures open interest hits record: On October 16, Ethereum futures open interest reached 5 million ETH, a new all-time high.

  • Past peaks preceded crashes: Similar spikes in open interest were followed by sharp price drops, including a 31.7% crash in August.

  • Leverage risks: The higher the leverage, the greater the risk of forced liquidations that could trigger cascading price drops.

  • Potential 20-25% decline: If history repeats, ETH could fall by 20-25%, bringing its price down to $1,960.

• Detailed Insights:

  • Record open interest raises concerns: Ether’s futures open interest hit a new peak of 5 million ETH on October 16, signaling a surge in leveraged trading. While rising futures demand isn’t inherently bearish, such high open interest levels have historically been followed by price corrections, with August 2023 being a key example when ETH dropped 31.7% after hitting a similar peak.

  • Leverage-driven volatility: High leverage in futures markets increases the risk of sudden price movements. Forced liquidations, where traders are compelled to sell assets to cover their leveraged positions, can lead to rapid price declines. This "cascading liquidation" effect is something traders closely watch, as it can amplify market volatility.

    Historical patterns: Similar spikes in open interest have

  • occurred before significant price declines. For example, in April 2023, Ether dropped 24% after a similar rise in open interest. The current situation mirrors previous patterns, increasing the risk of a potential price drop.

  • Price outlook: If the broader cryptocurrency market remains neutral, a 20-25% price correction could push ETH down to $1,960. However, if Bitcoin breaks through its $70,000 resistance, the increased leverage in ETH could support further gains instead of a crash.

Related: Bitcoin Open Interest Soars to 1-Year High as BTC Price Nears $68K

Ethereum’s open interest spike could be a warning sign, with a potential price correction on the horizon. Traders should prepare for volatility while monitoring broader market trends.

Blackrock CEO Larry Fink Declares Bitcoin an Asset Class, Rivaling Gold in Investment Potential

Blackrock CEO Larry Fink has emphasized Bitcoin’s growing legitimacy as a key investment, likening it to commodities like gold. Fink highlighted Blackrock’s successful Bitcoin and Ethereum ETFs and predicted the continued expansion of digital assets, driven more by acceptance and liquidity than regulation.

• Main Points:

  • Bitcoin as an asset class: Larry Fink declared Bitcoin a legitimate asset class, positioning it alongside commodities like gold.

  • ETF success: Blackrock’s Bitcoin ETF has attracted $23 billion in inflows, and their Ethereum ETF saw over $1 billion in its first two months.

  • Market growth drivers: Fink believes that liquidity, transparency, and analytics will fuel digital asset expansion more than regulatory changes.

  • Blockchain and AI: Fink noted that blockchain technology, combined with AI, will drive growth not only for cryptocurrencies but for broader financial applications.

• Detailed Insights:

  • Bitcoin’s rising status: During Blackrock’s Q3 2024 earnings call, Larry Fink underlined Bitcoin’s growing role as a legitimate investment. He stated that Bitcoin has become an asset class in itself, with a future that rivals gold. Fink’s comments reflect Blackrock’s deepening commitment to digital assets, including their Bitcoin and Ethereum ETFs, which have seen remarkable investor interest.

  • ETF growth: Blackrock’s iShares Bitcoin Trust has attracted $23 billion in inflows since its launch, while their recently introduced iShares Ethereum Trust brought in $1 billion in just two months. These products aim to make investing in digital assets easier and more affordable for investors globally, a key focus for Blackrock.

  • Focus on liquidity, not regulation: Despite potential political shifts in the U.S. and the prospect of a more crypto-friendly administration, Fink argued that market growth will be driven by broader acceptance and market fundamentals, rather than regulation. He emphasized the importance of liquidity, transparency, and advanced analytics in driving the expansion of digital assets.

  • Blockchain’s broader impact: Fink pointed to the success of central bank digital currencies (CBDCs) in countries like India and Brazil as examples of blockchain’s potential. He highlighted how combining blockchain technology with artificial intelligence and improved data analytics could reshape the financial landscape, not just for cryptocurrencies but for the broader economy.

Related: Ethereum Price Shows Strength, but a 23% Drop in DApp Activity Raises Concern

Fink’s comments reinforce Bitcoin’s evolving role as a major investment asset, with Blackrock leading the charge in expanding access to digital assets through innovative financial products.

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This article is not financial advice. Market conditions can change rapidly, and past performance does not guarantee future results