Bitcoin bulls fight to hold $34K as CME BTC open interest surpasses 100K
A surge in CME BTC volumes and open interest highlight institutional investors' growing interest in Bitcoin. Will it be enough to keep the price in the current range? Bitcoin (BTC) price currently battles to hold the $34,000 level after a stellar rally and short squeeze saw its price push above $35,000 on Oct. 23. In an Oct. 24 market update, Capriole Investments founder Charles Edwards noted that after 7 months of consolidation, Bitcoin’s upward move melted the $32,000 resistance “like butter” and he expects that the upcoming monthly resistance is unlikely to be a hurdle. Edwards said: “It would make sense to see either a rapid continuation to mid-range ($43K) or short-term consolidation between support resistance at $32-$35K before continuation.” As Cointelegraph mentioned in an earlier price update, “Successive daily closes above the $31,700 level would be notable, as daily or weekly higher high candles above this level puts the price above a key pivot point and enters territor...