Analysts expect Bitcoin’s price consolidation to end soon, paving the way for a “huge move” upward.
Bitcoin Price news
Bitcoin is dropping bullish hints left and right as the “Uptober” monthly close, US Presidential Election and Fed interest rate decision draw near.
Spot Bitcoin ETFs will need to make an average of $301 million in net inflows per day to get it done this week.
Bitcoin’s bounce back to $68,000 raises the chance of a rally in SOL, DOGE, RUNE and BGB.
According to the paper, central banks collectively hold $2.2 trillion in gold as of Q1 2024 and continue to expand their gold allocations.
Bitcoin rapidly rids itself of record open interest but concerns remain over the short-term BTC price trend.
Bitcoin solidifying its position “above all key moving averages” suggests that bulls are “firmly in control” as long as the price holds above $66,500.
Microsoft’s upcoming vote on whether or not to build a Bitcoin position is just another sign of corporations’ and institutional investors’ growing interest in BTC.
Bitcoin’s path to $70,000 hinges on lower interest rates, the US election outcome, boosted BTC miner profits, and strong spot ETF demand.
Spot Bitcoin ETF demand soars to a six-month high, but BTC futures contract volumes “remain somewhat subdued” and could be a reason why the price is constrained.