Bitcoin (BTC), despite not beating its all-time highs of Oct. 20, a separate record was enough to keep bulls optimistic about a breakout.
BTC/USD 1-day candle chart (Bitstamp). Source: TradingView
Bitcoin reaches new highs against the euro
Data from TradingView and Cointelegraph Markets Pro showed that Bitcoin/USD reached $64,490 overnight on Bitstamp.
Although it was only inches away from April’s peak, Bitcoin’s highest-ever daily close of $64,230 was achieved.
On Wednesday, several currencies including the Australian dollar, Japanese yen and euro reached new highs.
BTC/EUR 1-week candle chart (Coinbase). Source: TradingView
Popular trader Crypto Ed felt it was time for a reevaluation of short-term goals.
“Summary – I had mentioned 73k at 40k, but I believe we are going higher and keeping those waves going. He tweeted that he believes there is a good chance we won’t go below 60k for a while.
The worst-case scenario would see a temporary “spike” to $58,000. However, this would be followed up by clear skies in the “coming weeks/months.”
After a successful day in which the first Bitcoin exchange traded fund (ETF), in the United States, had $1 billion in volume and $550,000,000 in assets managed after a single trading session, the bullish tone is evident across the board.
#Bitcoin $BTC Futures Contracts Open Interest just reached an ATH of $817,605,927.21 on #Bitfinex Previous ATH of $816,194,977.96 was observed on 19 October 2021 View metric:https://t.co/sX9wgOdDRb pic.twitter.com/ClLpHUMDTg
— Glassnode Alerts (@glassnodealerts), October 20, 2021
According to data from Glassnode, Bitcoin futures open interests reached new all-time highs at $817.6 millions.
Where is the FOMO?
This makes Bitcoin’s relative lack of mainstream interest all the more remarkable.
Related: Bitcoin RSI strength indicates that the BTC price remains far from its top cycle.
Data shows that Bitcoin is not being followed or checked by as many people as it was earlier in the year, despite institutional excitement.
Cointelegraph reported that this has been true for some time. However, even a trip up to the threshold of all time highs has not reversed the trend.
Google searches worldwide for “Bitcoin” Source: Google Trends
Google Trends’ normalized score put “Bitcoin” interest at 36 this Week, compared to 100 mid-May.
Eileen Wilson –Technology and Energy
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