BTC rose to 77,000! Analyst: This is just the beginning, short-term expected to go straight to 'this range'.

Another record high! BTC briefly rose to $76,850

After the end of the US election, BTC ($BTC) continued its strong momentum and set a new historical high again on the evening of November 7th, rising to the key level of $76,850, approaching the integer of $77,000.

Analyst Big Smokey of 《Cointelegraph》 pointed out that behind this wave of pump market, there are many bullish factors supporting it, including continuous inflow of funds into BTCSpot ETF, BTC breaking through a 7-month downtrend line and entering a new price range, as well as the election of multiple encryption-friendly lawmakers, all of which make institutional investors more willing to increase their allocation to BTC.

Analyst reveals 6 indicators bullish on BTC's future market

Big Smokey further pointed out that there are six indicators currently showing that BTC still has room for further upward movement in the future.

CME Bitcoin futures volume hits record high: As of November 6, the trading volume of Bitcoin futures on the CME in the United States reached 13.15 billion USD, setting a new historical high. The open interest of the same day also reached 15,255 BTC contracts.

Institutional investors continue to increase their positions: CME data shows that institutional investors are preparing for further upward movement. As of November 6th, the open interest of BTC options contracts has increased by 1.1 billion US dollars.

BTCSpotETF funds inflow strong: Data from digital asset management company CoinShares shows that in the week before the US election, BTC institutional digital investment products received an inflow of $2.156 billion. The funds inflow remains strong after the election, as shown by Farside Investor data, with a total inflow of approximately $850 million into BTCSpot ETF on November 6th and 7th.

Market confidence is stable: BTC open interest continues to rise, coupled with the election of friendly encryption legislators, all injecting confidence into the market.

Market boosted by rate cut expectations: Both the stock market and the encryption currency market have responded positively to the expectation of continued rate cuts. This was further reinforced after the Fed announced a 1 basis point rate cut last night.

Policy bullish: Due to Trump's promise before the election to strategically reserve BTC, support the US BTC mining industry, and other policies, although it is not known whether all can be fulfilled, Trump's friendly attitude towards the encryption industry still helps to boost investor confidence.

Source: Velo data, the open interest of BTC options on the CME has risen sharply.

CryptocurrencyDerivativesexchange HighStrike's CEO JJ stated that, before the US election, the actual Volatility expected by the options market was over 90%, but the actual Volatility during the election period was not that high, causing the long-term implied Volatility to fall to 50%.

JJ further pointed out that although BTC has reached new highs and attracted new demand, the implied volatility of options is far below 80% of the peak in March, and even below the 70% level during the rebound in July. Therefore, buying longer-term call options is still attractive.

BTC may be heading straight to this range in the short term?

Big Smokey said that from the perspective of Technical Analysis, traders expect BTC to rise to the range of $78,000 to $85,000, while the Depth of the order book at 2.5% shows a sell order in the range of $77,000 to $78,000, but there is almost no obvious resistance until $83,000.

In addition, Fibonacci extension tool predicts that this wave of upward trend may extend to $82,367, which is exactly the Fibonacci pullback 161.8% level. Therefore, if BTC can successfully break through $77,000 to $78,000, it is expected to rise to the range of $82,000 to $85,000 in the future.

Big Smokey also pointed out that during BTC's new high, the Spot volume remained stable, Perptual Futures funding rate also declined, and the liquidation scale was relatively small, indicating a relatively healthy market structure.

Chart Source: TradingView BTC daily candlestick trend and Fibonacci pullback analysis

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific circumstances. Investing based on this is at your own risk.