Key Points
- Bitcoin’s price has shown a rising trend, breaking past the $66k resistance level and indicating a potential bullish uproar beyond $70k.
- Whale investors’ increased activity and demand for Bitcoin have contributed to this bullish momentum.
Bitcoin’s price has experienced a significant surge, breaking past the $66k resistance level in the past few days. The leading cryptocurrency has gained further momentum, rallying over 2 percent in the last 24 hours to reach a daily peak of about $67,803.
Despite a slight retracement towards $66,946 during the mid-London session on Wednesday, October 16, technical analysis indicates early signs of a major bullish uproar. Bitcoin’s price is forming a higher high and higher low, a characteristic of a rising market, since the August 5 crypto crash.
Increased Investor Interest
The recent surge in Bitcoin’s price has renewed the bullish outlook for altcoins, particularly meme coins like Dogecoin (DOGE). Bitcoin’s fear and greed index has risen to 73 percent, indicating a sharp increase in investor greed for the first time in over three months.
Technical analysis suggests that Bitcoin’s price is targeting a new all-time high in the coming weeks. A popular crypto analyst, Captain Faibik, suggests that Bitcoin’s price could reach between $88k and $90k if the bullish momentum continues.
In the wake of this volatility, more than $300 million was liquidated from the crypto leveraged markets, primarily involving long traders.
Whale Investors Fueling the Momentum
The recent bullish sentiment in the crypto market has led to an increase in on-chain activity on the Bitcoin network, particularly from whale investors. As Bitcoin’s price has increased, the supply of BTC on centralized exchanges has significantly declined, indicating a rise in demand from whale and institutional investors.
On Tuesday, October 15, US spot Bitcoin ETFs registered a net cash inflow of about $371 million. BlackRock’s IBIT led the inflow with about $288.84 million, currently holding around $22 billion worth of Bitcoins.
Moreover, US spot BTC ETFs have registered a net cash inflow of nearly $1 billion in the past two days, surpassing any sell orders. Grayscale’s GBTC, despite significant losses, has registered two consecutive days of cash inflows for the first time since the historic approval by the US SEC.
Japan’s Metaplanet Inc announced that it had acquired an additional 5.9 Bitcoins, currently holding over 861 BTCs. The increased demand for Bitcoin from whale investors has boosted its dominance in the crypto market, which spiked to nearly 59 percent in the past 24 hours.
