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Market sentiment remains positive, with Polymarket predicting a 64% chance of Bitcoin hitting $70,000 in October.
Key Notes
Bitcoin demand surged by 177,000 BTC last week, boosting price by 5%, staying above key EMAs.US BTC spot ETFs added 9,000 BTC daily, with BlackRock's $393.4 million inflow supporting growth.Polymarket predicts a 64% chance of Bitcoin reaching $70,000 in October, reflecting positive sentiment.After a period of subdued activity since May, Bitcoin BTC $67 193 24h volatility: 0.8% Market cap: $1.33 T Vol. 24h: $38.86 B demand has surged, registering a monthly growth of 177,000 BTC just last week. This significant uptick in demand propelled Bitcoin price to rally by 5% by maintaining BTC’s position above both the 50-day and 200-day exponential moving averages (EMAs).
Technical indicators suggest that the current bullish phase may persist, offering further upside potential for the leading cryptocurrency. A breakout above Wednesday’s high of $68,380 could potentially set the stage for Bitcoin to approach the $69,000 mark. Should this resistance level be overcome, the next target could be for BTC to reach the $70,000 threshold.
ETFs and Whales Propel Bitcoin’s Growth
The critical factors that could impact the BTC price include the Federal Reserve’s interest rate path, the upcoming US Presidential Election, and the flow trends within the US BTC-spot ETF market. On the flip side, a dip below the $65,000 and $64,000 support levels might indicate a downturn toward the 50-day EMA, potentially reversing the current bullish trend.
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.
US spot exchange-traded funds (ETFs) have consistently bought Bitcoin, with an average of 9,000 BTC added daily in early 2024. This steady demand has helped push Bitcoin’s price to new peaks. Data from SoSoValue shows that US BTC ETFs saw an impressive $458.5 million inflow on Wednesday, with BlackRock’s IBIT accounting for $393.4 million of that amount.
Source: SoSoValue
Additionally, large investors, known as whales, continue to amass Bitcoin, further boosting confidence in the cryptocurrency’s future. These major holders, excluding exchanges and miners, now control 670,000 BTC, surpassing the 365-day average. This steady accumulation signals optimism for Bitcoin’s price stability and long-term growth.
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 wider crypto space, Dogecoin saw a strong 17% gain on Wednesday during Asian trading. This rise followed news of Elon Musk’s $75 million donation to a Trump-backed committee. Musk’s support for the Department of Government Efficiency on X has further boosted investor interest.
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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With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
