Exploring Potential Bitcoin (BTC) Price Movements: Could Recent Trends Signal a Bullish October?
The post Exploring Potential Bitcoin (BTC) Price Movements: Could Recent Trends Signal a Bullish October? appeared on BitcoinEthereumNews.com.
The cryptocurrency market witnessed a 2% surge in its total market capitalization, reaching approximately $2.28 trillion as of October 12. Altcoins experienced a swift reaction following Bitcoin’s price rise, which peaked at around $63,361 on Friday amid a generally volatile trading environment. Amid this revival, market dynamics remain stable, with minimal liquidations reported despite heightened trader anticipation for weekend volatility. Explore the latest surge in the cryptocurrency market, as Bitcoin’s rise fuels optimism across the altcoin sector amid increasing ETF inflows. Major Drivers Fueling the Recent Cryptocurrency Surge In recent trading, Bitcoin and the broader cryptocurrency market have shown resilience, largely attributed to significant cash inflows into U.S. Bitcoin ETFs. This trend has added buoyancy to the market, with Bitcoin prices recovering from a recent dip below $59k to over $63k. Increased Whale Activity and ETF Inflows Evidence of a resurgence in whale activity is becoming increasingly apparent, reflected by a staggering inflow of $348 million into Bitcoin ETFs on October 11. BlackRock’s IBIT fund dominated the inflow, securing roughly $140.7 million of this total, illustrating strong institutional interest. Alongside this, Fidelity’s FBTC ETF added around $117 million, underscoring potential institutional optimism. Conversely, Ethereum-focused ETFs saw a modest inflow of $2 million. These developments have collectively resulted in a noticeable decrease in the supply of Bitcoin and Ether on exchanges, with the supply of Bitcoin dropping by approximately 10,000 over the previous week. Market Analysis: Technical Support and Historical Trends Market analysts are closely observing Bitcoin’s technical patterns, particularly its tendency to reclaim significant support levels following short-term setbacks. Well-known analyst Benjamin Cowen noted a possible fractal pattern emerging akin to the bullish breakout observed during the latter half of the previous year. Q4 Historical Trends Favoring Bitcoin Bitcoin’s price movements have historically shown positive results in the fourth quarter,…
Filed under: News - @ October 12, 2024 6:28 am