Bitcoin (BTC) Price Closes Above $66K for First Time Since July Energized by Institutional Buyers

The rate of Bitcoin purchases by institutional investors led by US spot BTC ETF issuers has significantly outpaced the sellers.

Key Notes

Fidelity, Bitwise, and BlackRock led US spot Bitcoin ETF issuers in major cash inflows.Bitcoin price could trigger a major crypto bull run in the near future after consolidating in the last seven months.

Bitcoin BTC $65 762 24h volatility: 2.1% Market cap: $1.30 T Vol. 24h: $36.81 B price pumped over 5 percent in the last 24 hours to close Monday, October 14, trading at $66,071, the highest level since July 30. The flagship coin had since retraced around 1 percent to trade at about $65,595 on Tuesday, October 15, during the mid-European session.

Following the notable Bitcoin price pump, there is a high chance that a new higher high will be formed in the coming weeks.

Furthermore, the October bullish narrative is gradually peaking pace, with most of the altcoins led by Ethereum ETH $2 619 24h volatility: 3.7% Market cap: $315.28 B Vol. 24h: $18.71 B signaling a potential breakout on the horizon. From a technical analysis perspective, if Bitcoin price consistently closes above the resistance level around $66K, the next target of $68K will easily be attainable.

According to well-seasoned market trader Peter Brandt, Bitcoin price must consistently close above the resistance level about $68,224 to guarantee a rally toward a new all-time high in the near term. Brandt had previously noted that Bitcoin price is currently trapped in a macro falling trend, which began in March.

Following the notable crypto volatility in the past 24 hours, more than $200 million was liquidated from the leveraged trading market, mostly involving long traders.

Institutional Investors Leads in Bitcoin Purchases

After slowing down in the first two weeks of October, institutional investors have now doubled down their Bitcoin purchases in anticipation of further bullish breakout soon. According to market data analysis, the United States spot Bitcoin ETFs registered a net cash inflow of more than $555 million on Monday, the highest record since early June.

Fidelity’s FBTC, Bitwise’s BITB, BlackRock’s IBIT, and ARK 21Shares Bitcoin ETF led in cash inflows of about $239M, $100M, $79M, and $69M respectively. Remarkably, even Grayscale’s GBTC registered a net cash inflow of over $37 million on Monday. It is worth noting that there were no cash outflows on Monday from any of the US spot Bitcoin ETF issuers.

.@Metaplanet_JP has purchased an additional 106.976 #bitcoin for ¥1 billion at an average price of ¥9,347,891 per $BTC. As of October 15, Metaplanet holds ~855.478 bitcoin acquired for ¥7.965 billion at an average price of ¥9,310,061 per $BTC. #メタプラネット pic.twitter.com/DsTe7yAYoY

— Simon Gerovich (@gerovich) October 15, 2024

Meanwhile, Japan’s Metaplanet Inc. (Tokyo: 3350) announced earlier today that it had acquired an additional 106.976 Bitcoins, worth ¥1 billion. As a result, the company now holds around 855 Bitcoins, worth approximately $56 million based on the current market value.

Market Picture

Following the notable Bitcoin price pump in the last 24 hours, the fear of further crypto capitulation has significantly decreased. Bitcoin’s fear and greed index surged to 65 percent earlier today, the highest in several weeks.

According to BlackRock CEO Larry Fink, Bitcoin has the potential to grow as big as the housing market, which is currently valued at over $50 trillion. The upcoming US 2024 election amid the ongoing economic shift, which was catalyzed by the recent Fed rate cut, will further expedite the crypto bullish outlook.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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