Coinspeaker
Surge in Bitcoin Demand Drives Price Target towards $70K
Following a period of low activity since May, Bitcoin
BTC
$67,135
24h volatility:
0.9%
Market cap:
$1.33 T
Vol. 24h:
$30.96 B
demand has experienced a remarkable increase, with a monthly growth of 177,000 BTC just last week. This notable rise in demand led to a 5% rally in Bitcoin’s price, keeping BTC above the 50-day and 200-day exponential moving averages (EMAs).
Technical indicators point toward the continuation of the current bullish trend, providing further upside opportunities for the leading cryptocurrency. A breakout above Wednesday’s high of $68,380 could pave the way for Bitcoin to approach the $69,000 level. If this resistance is overcome, the next target for BTC might be reaching the coveted $70,000 threshold.
ETFs and Whales Drive Bitcoin’s Growth
Key factors influencing the BTC price include the Federal Reserve’s interest rate trajectory, the upcoming US Presidential Election, and trends in the US BTC-spot ETF market. Conversely, a decline below the support levels at $65,000 and $64,000 could signal a move toward the 50-day EMA, potentially reversing the positive trend.
Contributing to the optimistic outlook, Bitcoin’s 14-day Relative Strength Index (RSI) is at 67.01, indicating that BTC could rise to the $69,000 resistance level before hitting overbought status. This RSI score is the highest since late April and has significantly contributed to pushing Bitcoin to a ten-week high of over $67,800, as reported by CryptoQuant and led by Julio Moreno.
US spot exchange-traded funds (ETFs) have been consistently accumulating Bitcoin, averaging 9,000 BTC added daily in early 2024. This ongoing demand has significantly driven Bitcoin’s price to new heights. Data from SoSoValue indicates that US BTC ETFs experienced an impressive inflow of $458.5 million on Wednesday, with BlackRock’s IBIT accounting for $393.4 million of this total.
Source: SoSoValue
Moreover, large investors, known as whales, continue to accumulate Bitcoin, further enhancing confidence in the cryptocurrency’s future. These major holders, excluding exchanges and miners, now control 670,000 BTC, exceeding the 365-day average. This consistent accumulation demonstrates optimism for Bitcoin’s price stability and long-term growth.
Odds of Bitcoin Hitting $70K at 64% on Polymarket
Market sentiment remains buoyant, with Polymarket indicating a 64% probability of Bitcoin reaching $70,000 in October. This represents a significant increase of 45 percentage points over the past week. Simultaneously, 72% of bettors believe Bitcoin will reach a new all-time high in 2024, reflecting a 23-point increase in just one week. These figures illustrate the growing optimism surrounding Bitcoin’s future.
In the broader cryptocurrency landscape, Dogecoin experienced a notable 17% increase on Wednesday during Asian trading. This boost followed news of Elon Musk’s $75 million donation to a Trump-backed committee, compounded by Musk’s advocacy for the Department of Government Efficiency on X, which has further heightened investor interest.
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Surge in Bitcoin Demand Drives Price Target towards $70K
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