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Bitcoin (BTC) price now pumped over 4 percent in the past 24 hours to briefly reach $66K, before retracting towards $65K on Wednesday. As a result, the flagship coin regained crucial support levels to guarantee further bullish momentum in the coming weeks.
In the daily time frame, Bitcoin price has closed above the 50 and 200 Moving Averages (MA) in the past few days.
Having closed above the crucial support range between $60K and $62K in the past few days, Bitcoin price could be eyeing to retest its all-time high in the near term.
However, the flagship coin must consistently close above the resistance/support level of around $67K to invalidate a possible reversal ahead. Furthermore, Bitcoin price has historically performed poorly in August before rebounding in October.
Rising Bitcoin Demand from Institutional Investors
Bitcoin price rebounded significantly in the past two weeks fueled by heightened demand from institutional investors. As Coinspeaker pointed out, the German government concluded its $2 billion Bitcoin sales over the weekend.
Meanwhile, the Mt. Gox crypto repayment has turned into a buy-the-news event. By Wednesday, Mt.Gox via Kraken exchange had repaid 13K of the creditors, representing 65 percent of the victims.
Already 65% of Mt Gox creditors have been repaid and price is up. pic.twitter.com/HUL2c4wLxZ
— Charles Edwards (@caprioleio) July 17, 2024
According to the latest market data, the US-based spot Bitcoin ETFs registered around $422 million in cash inflows on Tuesday. BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s FBTC led with a net cash inflow of about $260 million and $61 million respectively.
Remarkably, none of the US-based spot Bitcoin ETF issuers registered a net cash outflow on Tuesday. Over the past two weeks, the US-based spot Bitcoin ETFs have attracted nearly $2 billion in cash inflows.
Meanwhile, on-chain data analysis provided by Glassnode shows that long-term Bitcoin holders added more than 6500 Bitcoins on Tuesday. Already, top Asian companies -led by Metaplanet Inc. from Japan and China AMC – have been eyeing Bitcoin as a hedge against inflation and as insurance.
What Next?
The crypto industry is expected to experience a more bullish outlook shortly as the United States SEC issued a preliminary approval of three spot Ether ETFs to trade by Tuesday. The crypto bullish outlook is also bolstered by the highly anticipated interest rate cut in the United States amid the upcoming general election.
In the lower time frames, #Bitcoin is trading within an ascending parallel channel. If the $65,200 support level holds, $BTC could see a 3% increase, targeting $67,300! pic.twitter.com/TiQ9BP8der
— Ali (@ali_charts) July 17, 2024
From a technical standpoint, Bitcoin price has been grinding on a rising channel in the lower time frame in the past two weeks. According to a popular crypto analyst Ali Martinez, Bitcoin price must consistently close above $65k to ensure a bullish momentum towards $67k, a crucial support/resistance level.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
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