As a seasoned researcher with a keen eye for market trends and over a decade of experience tracking the cryptocurrency landscape, I must admit that this surge in Bitcoin demand is truly remarkable. The consistent inflow of institutional capital, fueled by ETFs and whale accumulation, has created a perfect storm for BTC to breach the $70,000 mark.
Following a relatively quiet spell since May, Bitcoin‘s demand has experienced a substantial increase. Last week alone, there was a rise of approximately 177,000 BTC in demand. This surge in demand pushed the price of Bitcoin up by around 5%, with the cryptocurrency maintaining its place above both the 50-day and 200-day moving averages (EMAs).
The technical analysis points towards continued bullish momentum in Bitcoin, possibly leading to more gains. If it surpasses its previous high of $68,380 set on Wednesday, we might see it reaching around $69,000. Overcoming this level could pave the way for Bitcoin to touch the $70,000 milestone.
ETFs and Whales Propel Bitcoin’s Growth
Key elements influencing Bitcoin’s price movement may be the Fed’s interest rate trajectory, the outcome of the upcoming U.S. Presidential Election, and fluctuations in the U.S. Bitcoin ETF market. Conversely, a drop below the $65,000 and $64,000 resistance levels could signal a bearish trend that might lead to a fall towards the 50-day Moving Average, possibly reversing the current bullish momentum.
Adding to the positive outlook, Bitcoin’s 14-day Relative Strength Index (RSI) stands at 67.01, suggesting that BTC could climb to the $69,000 resistance level before entering overbought territory. This RSI reading is the highest since late April and has been instrumental in pushing Bitcoin to a ten-week high of over $67,800, according to a recent report by CryptoQuant led by Julio Moreno.
Every day in early 2024, U.S. Bitcoin exchange-traded funds (ETFs) have been consistently purchasing Bitcoin, adding an average of 9,000 Bitcoins daily. This persistent demand has significantly contributed to the increase in Bitcoin’s price to record highs. According to SoSoValue data, US Bitcoin ETFs experienced a substantial influx of $458.5 million on Wednesday, with BlackRock’s IBIT contributing approximately $393.4 million of that total.
Source: SoSoValue
Moreover, significant financiers, often referred to as ‘whales’, persistently acquire Bitcoin, enhancing trust in its future potential. These substantial stakeholders, apart from exchanges and miners, now hold approximately 670,000 Bitcoins, exceeding the yearly average. This consistent buying pattern suggests optimism towards Bitcoin’s price consistency and long-term development.
Bitcoin 70k Mark Has 64% Odds on Polymarket
Market sentiment remains positive, with Polymarket predicting a 64% chance of Bitcoin hitting $70,000 in October. This marks a sharp rise of 45 percentage points over the past week. At the same time, 72% of bettors believe Bitcoin will set a new record in 2024, reflecting a 23-point jump in just one week. These numbers highlight growing optimism about Bitcoin’s future.
In the broader cryptocurrency market, Dogecoin experienced a significant 17% increase on Wednesday primarily during Asian trading hours. This surge was triggered by the announcement of Elon Musk’s $75 million contribution to a political committee endorsed by Donald Trump. Additionally, Musk’s backing of the Department of Government Efficiency initiative has fueled even more investor enthusiasm for Dogecoin.
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2024-10-17 14:12