Bitcoin ETFs See $1.6B Inflows This Week – Is BTC Reaching A New ATH Soon?
October 17 2024 - 6:00PM
NEWSBTC
Bitcoin is holding strong above $67,000 after setting a new local
high of around $68,300, fueling excitement among investors. This
bullish momentum is driven by price action and supported by key
market data signaling a potential uptrend continuation. Related
Reading: Dogecoin Buy Signal Hints At Upside As Funding Rate Keeps
Rising Daan, a top crypto analyst, shared crucial insights showing
that Bitcoin ETFs have been buying heavily for the past four days.
This surge in institutional demand is a positive signal for the
market, as it could further propel Bitcoin toward new all-time
highs. The next few days will be critical for Bitcoin’s trajectory,
with many traders and investors eyeing a potential breakout to
historic levels. The anticipation grows as BTC edges closer to
these highs, making the upcoming price movements pivotal in shaping
the market’s direction. Bitcoin Demand Rising The whole market is
buzzing with excitement and volatility, with Bitcoin leading the
way by establishing a clear uptrend since early September.
Analysts and investors are attributing part of this surge to the
Federal Reserve’s recent interest rate cuts, but other significant
factors influence Bitcoin’s price action. Key data shared by Daan,
a top crypto analyst, reveals that Bitcoin ETFs have seen
substantial inflows over the past week. The last four trading
days alone have witnessed a combined $1.639 billion in inflows,
making this week one of the most successful since the inception of
Bitcoin ETFs. This surge in institutional demand signals that
traditional investors are increasingly confident in Bitcoin’s
future, driving up demand and boosting the price. Despite the
current optimism, there is caution among market observers.
Historically, periods of heightened excitement and euphoria in the
market are often followed by price retracements or
consolidation. Related Reading: Analyst Forecasts XRP Bullish
Breakout – A 1,000% Opportunity? Bitcoin tends to mark local tops
when sentiment peaks, which could signal a cooling-off period
before the next major move. Investors are closely watching for
signs of a potential pullback or whether Bitcoin will continue to
climb toward new all-time highs in the weeks ahead. Key Levels To
Watch Bitcoin is trading at $67,000 after a 2% retrace from
its recent local top at $68,388. Despite this slight pullback, the
price is holding firmly above the previous high of $66,500,
signaling a strong consolidation phase that could set the stage for
another move higher. For the bullish momentum to continue, BTC must
maintain its position above $66,500. If it does, the price could
soon push toward new highs. However, if Bitcoin fails to hold
above this critical level, a healthy retrace to the daily 200-day
moving average (MA) would still indicate strength in the market.
The 200-day MA has historically been a reliable support level
during uptrends, providing a foundation for further gains. Related
Reading: Solana Targets $160 Resistance As TVL Hits New Yearly
Highs If the price falls below the 200-day MA, a deeper correction
to $60,000 is likely. This level represents significant demand and
could offer another buying opportunity before the next leg.
Featured image from Dall-E, chart from TradingView
Optimism (COIN:OPUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
Optimism (COIN:OPUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024