The post Bitcoin’s flirts with $68,000 as Uptober Momentum Increases appeared on BitcoinEthereumNews.com.

Bitcoin has started the week strong, surging to almost $68,000 but has remained in the same range since March. Will this be the month for a breakout to new ATHs? We’re not there yet but the stars might finally be aligning for Bitcoin. Bitcoin started the week with a Chinese stimulus-driven rally, hitting $66,500 before pulling back slightly. On Tuesday Bitcoin pushed again taking traders on a wild ride, forming an “upside-down V” pattern. It spiked to a nearly three-month high of $67,800 before rapidly falling back to around $65,000, and then back to $66,578. Source: BNC Bitcoin Liquid Index This month’s momentum is positive, however, the yearly chart clearly shows Bitcoin has been range bound since March, when it first broke out following the launch of the spot ETFs. The key will be for Bitcoin to push on above $70,000 for a bull market to ignite. Source: BNC Bitcoin Liquid Index Monday Was a Monster ETF Day Monday was a monster day for spot BTC ETFs with $550mil in inflows, and almost $20 billion in net inflows in just 10 months. It appears that financial advisors and institutional investors are continuing to slowly adopt Bitcoin as an asset class. Monday was the largest day of inflows since June. However, there are concerns around the market’s ability to maintain this upward trajectory. Recent large inflows into U.S. spot Bitcoin ETFs suggest growing interest, but analysts warn that the price may struggle to hold if demand doesn’t match supply. Some speculate that Bitcoin could breach $70,000 before October 20, but a strong supply zone in the $67,000-$68,300 range remains a potential barrier. A re-test of this zone will also challenge a descending trendline that has been in place since March 2024. The coming days will be crucial in determining whether Bitcoin…

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Filed under: News - @ October 15, 2024 6:14 pm