Bitcoin's recent market dynamics indicate a strengthening bullish trend, as evidenced by several key on-chain metrics. After surpassing the critical support range of 49,000 ~ 53,000 USDT in late September, Bitcoin has continued its upward trajectory. This is notable given that the leverage ratio remains at an all-time high, suggesting that investors are maintaining aggressive positions.

The average cost basis for holders with a 1-3 month UTXO age band is 66,976 USDT, highlighting that short-term holders have bought at relatively high levels. Maintaining support above 66,000 USDT is essential to sustain the current momentum, as a dip below this threshold could trigger increased selling pressure.

Additionally, open interest has reached a record 20 billion USDT, reflecting strong market engagement and potential for increased volatility. The SSR index has also rebounded, indicating strengthened buying interest and suggesting a potential shift in market trend.

In summary, Bitcoin's market indicators such as high open interest, record leverage ratios, and a rising SSR index point to a robust buying momentum, signaling a potential attempt at a new all-time high. However, maintaining support above 66,000 USDT is crucial to sustain this trend. Investors should exercise caution and employ effective risk management strategies to navigate potential volatility.