30s Summary

Bitcoin’s price surged over 7.5% within a week, reaching a 10-week high of $67,922. This bounce back is driven by increased returns from Bitcoin exchange-traded funds. Over 90% of Bitcoin investors are now in profit, with only 8.5% being at a loss. However, a correction may occur soon as more investors could start selling to lock in profits. If Bitcoin fails to break through and maintain its stand above the $68,000 resistance bet, its price could drop to around $61,000. All these shift and fluctuations warn investors to always review risks and make informed decisions.

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So the price of Bitcoin (BTC) has recently jumped more than 7.5% in a week, hitting a 10-week high of $67,922 on Oct. 15. But don’t get too excited yet – there might be a dip in the price coming soon because of a few techy factors and stuff that’s happening within the Bitcoin network.

How did the Bitcoin price bounce back, you ask? Well, it seems it has a lot to do with a boost in returns from Bitcoin exchange-traded funds (ETF) in the last couple of days – we’re talking about over $926 million!

Here’s the good news – after BTC’s recent surge above $67,000, over 90% of Bitcoin holders are now seeing profit. Basically, a bunch of investors who were previously losing money on their Bitcoin investments have now managed to turn the tide and make a profit. As a result, only about 8.5% of Bitcoin investors were at a loss when the price was at $66,870 on Oct. 16.

This status of an investor’s profit and lost is worked out by comparing the price when they last moved their Bitcoin and the current price. If the price of Bitcoin keeps going up, even more investors will start earning profit. But on the flip side, a high number of gainers often signal a heated market and the price is usually corrected soon after. Therefore, there might be a drop in Bitcoin’s price in the coming days as investors could potentially start selling off to lock in their profits.

Bitcoin futures open interest, which hit a new record high in September, is also something to keep an eye on. If Bitcoin continues its current trend above $67,000, a lot of investors are considering the chance of a similar pullback like the one that happened at the end of September.

To add to this, Bitcoin’s price has hit a block at $68,000. Bitcoin will need to push past this resistance and stay above it in order to keep the rally going. But if it fails to do this in the next few days, it could lead to the price of Bitcoin falling, possibly even to around $61,000.

Keeping this in mind, it’s important to remember that investing always has its risks, and it’s always a good idea to do your own research before hopping into anything. We’re not giving you investment advice or recommendations, just letting you know what’s happening in the Bitcoin universe.

Source: Cointelegraph