The post A Deep Dive into the Bullish Surge appeared on BitcoinEthereumNews.com.

Over the last 30 days, Bitcoin has surged nearly 10.0%. The market appears extremely bullish right now. Since October 11, it has climbed consistently. Interestingly, since October 11, the Bitcoin Spot ETF market has experienced consistent positive net inflows. Meanwhile, key technical indicators point to a potential “golden cross”. Let’s analyze the major developments to get the right picture of the BTC market. Ready?  Bitcoin’s Recent Price Surge  At the start of October, BTC was at $60,818.09. The next day, it fell even further to a low of $60,648.15. During the period between October 2 and 10, the market majorly showed sideways movement. With the help of the buying pressure gained on October 10, the market broke above the sideways pattern. During the period between October 11 and 18, the Bitcoin market demonstrated steep growth, marking a 13.41% rise. At present, the BTC market stands at the price of $68,400. So far, the market has achieved a growth of at least 12.46% this month. Doesn’t it look comfortably bullish? It does!  Interestingly, many experts link this growth to the consistent positive net inflow the Spot BTC ETF market has achieved since the day Bitcoin met its latest upward momentum (October 11). Spot Bitcoin ETFs: Is It the Driving Force Behind the Current BTC Surge? Since October 11, the Bitcoin spot ETF market has seen no negative next inflow. On October 11, the total Bitcoin Spot ETF Net Inflow was +253.60M – the lowest in the series of six consecutive positive inflows since that day. The highest Net Inflow of +555.90M was recorded on October 14. Yesterday, the market reported a positive net inflow of +273.70M -the second lowest. On the day the Bitcoin Spot ETF market recorded the week’s highest inflow, the price of BTC jumped sharply by around 5.13%.…

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Filed under: News - @ October 19, 2024 8:14 am