Fun

Bitcoin ETFs See $1.6B Inflows This Week – Is BTC Reaching A New ATH Soon?

News Feed - 2024-10-18 07:10:01

Este artículo también está disponible en español.


Bitcoin is holding strong above $67,000 after setting a new local high of around $68,300, fueling excitement among investors. This bullish momentum is driven by price action and supported by key market data signaling a potential uptrend continuation. Related Reading Dogecoin Buy Signal Hints At Upside As Funding Rate Keeps Rising 3 days ago


Daan, a top crypto analyst, shared crucial insights showing that Bitcoin ETFs have been buying heavily for the past four days. This surge in institutional demand is a positive signal for the market, as it could further propel Bitcoin toward new all-time highs.


The next few days will be critical for Bitcoin’s trajectory, with many traders and investors eyeing a potential breakout to historic levels. The anticipation grows as BTC edges closer to these highs, making the upcoming price movements pivotal in shaping the market’s direction. Bitcoin Demand Rising


The whole market is buzzing with excitement and volatility, with Bitcoin leading the way by establishing a clear uptrend since early September. 


Analysts and investors are attributing part of this surge to the Federal Reserve’s recent interest rate cuts, but other significant factors influence Bitcoin’s price action.


Key data shared by Daan, a top crypto analyst, reveals that Bitcoin ETFs have seen substantial inflows over the past week.  Bitcoin ETFs inflows for the past 4 trading days | Source: Daan on X


The last four trading days alone have witnessed a combined $1.639 billion in inflows, making this week one of the most successful since the inception of Bitcoin ETFs. This surge in institutional demand signals that traditional investors are increasingly confident in Bitcoin’s future, driving up demand and boosting the price.


Despite the current optimism, there is caution among market observers. Historically, periods of heightened excitement and euphoria in the market are often followed by price retracements or consolidation.  Related Reading Analyst Forecasts XRP Bullish Breakout – A 1,000% Opportunity? 4 days ago


Bitcoin tends to mark local tops when sentiment peaks, which could signal a cooling-off period before the next major move. Investors are closely watching for signs of a potential pullback or whether Bitcoin will continue to climb toward new all-time highs in the weeks ahead. Key Levels To Watch 


Bitcoin is trading at $67,000 after a 2% retrace from its recent local top at $68,388. Despite this slight pullback, the price is holding firmly above the previous high of $66,500, signaling a strong consolidation phase that could set the stage for another move higher. BTC holding above $66,5K | Source: BTCUSDT chart on TradingView


For the bullish momentum to continue, BTC must maintain its position above $66,500. If it does, the price could soon push toward new highs. 


However, if Bitcoin fails to hold above this critical level, a healthy retrace to the daily 200-day moving average (MA) would still indicate strength in the market. The 200-day MA has historically been a reliable support level during uptrends, providing a foundation for further gains. Related Reading Solana Targets $160 Resistance As TVL Hits New Yearly Highs 21 hours ago


If the price falls below the 200-day MA, a deeper correction to $60,000 is likely. This level represents significant demand and could offer another buying opportunity before the next leg.


Featured image from Dall-E, chart from TradingView

News Feed

Thailand Exempts Crypto Transfers From VAT Until End of 2023
Thailand Exempts Crypto Transfers From VAT Until End of 2023 Authorities in Thailand have formally introduced a value-added tax (VAT) exemption for transfers of cryptocurrencies th
Amaka Nwaokocha12 hours agoBinance halts trading of FDUSD stablecoin due to ‘technical issues’Ahead of the launch, Binance said it would offer zero maker fees for all FDUSD trading pairs.1611 Total views15 Total shar
General Bytes ATM Developers Add Two-Way Support for Bitcoin Cash-Based SLP Tokens
General Bytes ATM Developers Add Two-Way Support for Bitcoin Cash-Based SLP Tokens The Simple Ledger Protocol (SLP) has been extremely popular among Bitcoin Cash (BCH) advocates and
Bitcoin Touches $17K Price Zone, BTC Dominance Levels High, Altcoins Still Way Behind
Bitcoin Touches $17K Price Zone, BTC Dominance Levels High, Altcoins Still Way Behind On November 17, the price of bitcoin touched another 2020 all-time high (AT
Blockchain.com Inks Multi-Year Deal With Dallas Cowboys Star Quarterback Dak Prescott
Blockchain.com Inks Multi-Year Deal With Dallas Cowboys Star Quarterback Dak Prescott The crypto firm Blockchain․com announced on Tuesday that the company has inked a multi-
Helium Hotspot Miner – Mining With Helium Bar
Helium Hotspot Miner - Mining With Helium Bar press release PRESS RELEASE. Helium Network developed a decentralized peer to peer wireless network, which can conne
GameSwift CEO Wojciech Gruszka Explains Why Developing a Steam-Like Web3 Platform Is a Gamechanger
GameSwift CEO Wojciech Gruszka Explains Why Developing a Steam-Like Web3 Platform Is a Gamechanger GameSwift is a one-stop gaming ecosystem that aims to introduce cross-chain inter
Judge okays early approval of $2.4M deal with sports stars over Voyager
Turner Wright5 hours agoJudge okays early approval of $2.4M deal with sports stars over VoyagerAfter months of proceedings, Robert Gronkowski, Victor Oladipo and Landon Cassill may see the light at the end of the tunnel
Microstrategy Buys More Bitcoin — Company’s Crypto Holdings Grow to 132,500 BTC
Microstrategy Buys More Bitcoin — Company"s Crypto Holdings Grow to 132,500 BTC Microstrategy is now holding approximately 132,500 bitcoin following its most recent purchases. Th
Price analysis 7/31: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay6 hours agoPrice analysis 7/31: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBBitcoin bulls have held the $65,000 level, but BTC and altcoin charts show it"s too early for traders to expect a short-te
Joseph Kelly6 hours ago10 years later, still no Bitcoin ETF — but who cares?The Securities and Exchange Commission will inevitably approve a spot Bitcoin ETF, but we should retain some healthy skepticism about the risk
Eurosystem Seeks Providers of Prototype Payment Solutions for Digital Euro
Eurosystem Seeks Providers of Prototype Payment Solutions for Digital Euro Eurozone’s monetary authority, the Eurosystem, is looking to enlist financial companies willing to