The US spot Bitcoin ETF issuers purchased nearly $1 billion worth of BTCs on Tuesday led by BlackRock’s IBIT.
Bitcoin BTC $94 162 24h volatility: 1.3% Market cap: $1.87 T Vol. 24h: $28.27 B price has continued to gradually obtain bullish momentum in the past few weeks, thus confirming the bullish October. The flagship coin burst July’s peak of around $69K to reach a daily high of about $73,562 before retracing 2 percent towards $72,115 on Wednesday, October 30, during the mid-London session.
Following the notable pump, Bitcoin price approached an all-time high (ATH) of around $73,737, which was achieved on March 14, 2024. As a result, 99 percent of Bitcoin holders who purchased in the past are in profit.
Bitcoin Price on the Precipice of Major Bullish Uproar
Bitcoin price has continued to rally against the altcoin market, with BTC dominance scaling to a multi-year high of about 60 percent. From a technical analysis standpoint, Bitcoin price is on the edge of a major bullish uproar as the fear of further capitulation has significantly diminished in the recent past. As of this writing, Bitcoin’s fear and greed index had surged to 77 percent, suggesting extreme greed from the investors.
While #Bitcoin $BTC at $72,000 might feel like a late entry, history suggests otherwise. The MVRV Ratio crossing over its 365-SMA has often signaled major bull rallies, and this golden cross just happened again! pic.twitter.com/Awkh0WdIOK
— Ali (@ali_charts) October 29, 2024
According to crypto analyst Ali Martinez, Bitcoin price is about to enter its parabolic phase in the near term, based on previous bull market cycles. The crypto analyst noted that the MVRV ratio has experienced a golden cross with the 364-SMA, which has often been followed by a major bull run in the subsequent months.
However, Bitcoin price must consistently close above the resistance level of about $73,737 in the coming weeks to validate a potential rally toward a new ATH ahead. In case of a successful bullish breakout, the next major liquidity range for Bitcoin price is between $84K and $94K.
However, a potential retrace below $70K could send Bitcoin price towards the support range between $66K and $68K, before rebounding towards the all-time high in the coming months.
What’s Fueling BTC Pump
As Coinspeaker previously stated, Bitcoin price has significantly benefited from the high demand from whale investors, led by the US spot BTC ETF issuers. More investors have been speculating on a similar Bitcoin rally to Gold, which has been in price discovery in the recent past.
🎉 BTC #ETF have an inflow of $868M today, with $640M from BlackRock.
This is one of the largest inflows since the launch. The biggest BTC ETF inflow was on March 12, 2024, with $1.045B. With recent hype, a new record could be on the horizon.
BTC's price increased by 5%… pic.twitter.com/OTn7rxAenL
— Spot On Chain (@spotonchain) October 30, 2024
According to the latest market data, the supply of Bitcoin has been exponentially declining in the recent past fueled by the high demand from US spot BTC ETF issuers. On Tuesday, the US spot Bitcoin ETF issuers registered a net cash inflow of more than $870 million, thus currently holding over $72 billion in net assets under management (AUM).
Notably, BlackRock’s IBIT led with $642 million in net cash inflows on Tuesday, the highest since early June. With pro-crypto presidential candidate Donald Trump leading in major polls ahead of next week’s election and anticipated Fed’s rate cut, Bitcoin price is expected to continue in a bullish outlook ahead.
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