BlackRock has led other fund managers and institutional investors in purchasing more Bitcoin (BTC) units ahead of the anticipated parabolic rally.
After successfully breaking out of the resistance level around $66k in the past two days, Bitcoin BTC $82 807 24h volatility: 1.0% Market cap: $1.64 T Vol. 24h: $39.58 B price has gained further bullish momentum. The flagship coin rallied over 2 percent in the past 24 hours to reach a daily peak of about $67,803, before retracing towards $66,946 on Wednesday, October 16, during the mid-London session.
Although Bitcoin price is not yet out of the woods, technical analysis shows early signs of a major bullish uproar beyond $70k soon. Moreover, Bitcoin price has been forming a higher high and higher low, an established characteristic of a rising market, since the August 5 crypto crash, which pushed BTC price below $50k.
The notable BTC price pump in the past few days has rejuvenated crypto bullish outlook for the entire altcoins, especially meme coins led by Dogecoin (DOGE). Already, Bitcoin’s fear and greed index has surged to 73 percent, suggesting a sharp uptick in investors’ greed, for the first time in more than three months.
From a technical analysis standpoint, Bitcoin price is now aiming for a new all-time high in the coming weeks fueled by the October bullish narrative. According to a popular crypto analyst alias Captain Faibik, Bitcoin price is now aiming for the range between $88k and $90k in the near future if the bullish momentum continues.
$BTC is testing a crucial resistance level for the 6th time (Resistance is weakening)
If Bitcoin successfully breaks out of the Broadening wedge to the upside, the target would be around 88K–90k..
Fingers Crossed 🤞 #Crypto #Bitcoin #BTC pic.twitter.com/33iVQ7nA6N
— Captain Faibik 🐺 (@CryptoFaibik) October 16, 2024
Meanwhile, more than $300 million was liquidated from the crypto leveraged markets mostly involving long traders, following the sudden rise in volatility.
Bitcoin Whales Bolsters Bullish Momentum
Amid the recent emergence of crypto bullish sentiment, the Bitcoin network has registered a sharp uptick in on-chain activity, led by whale investors. As Bitcoin price gradually increased in the past few days, the supply of BTC on centralized exchanges has exponentially declined, suggesting rising demand from whale and institutional investors.
On Tuesday, October 15, the United States spot Bitcoin ETFs registered a net cash inflow of about $371 million. BlackRock’s IBIT led in net cash inflow of about $288.84 million on Tuesday, thus currently holding around $22 billion worth of Bitcoins.
In the past two days, the US spot BTC ETFs have registered a net cash inflow of nearly $1 billion, thus outpacing any sell orders. Remarkably, Grayscale’s GBTC, which has been bleeding profusely, has registered two consecutive days of cash inflows for the first time since the historic approval by the US SEC.
Meanwhile, Japan’s Metaplanet Inc (Tokyo: 3350) announced earlier today that it had acquired an additional 5.9 Bitcoins, thus currently holding over 861 BTCs.
The rising demand for Bitcoin by whale investors has helped increase its dominance in the crypto market, which spiked to nearly 59 percent in the past 24 hours.
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