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Bitcoin Breaks $70,000: Whale Accumulation and ETF Inflows Propel Growth!

Wed, 30 Oct 2024, 02:08 am UTC

BTCUSD breaks $70000 on upbeat market sentiment. It hit a high of $72103 at the time of writing and is currently trading at around $68354.

Whales Accumulation and Institutional Demand-

Since early 2024, U.S. Bitcoin ETFs have gained about 278,000 BTC, mostly from retail investors, while large holders, or "whales," have added around 670,000 BTC in the past year, showing a preference for self-custody. Additionally, Bitcoin's long-to-short ratio has risen to 1.18, its highest in October, indicating that traders are increasingly bullish. At the same time, open interest for Bitcoin futures has hit a record $42.23 billion, reflecting a lot of activity and interest from both retail and institutional investors.

On Monday, U.S. spot Bitcoin ETFs saw inflows of about $472.6 million, marking the fifth straight day of increased investments. Over the past 12 trading days, total investments in these funds have reached nearly $4 billion, highlighting sustained strong demand.

US markets -

NASDAQ (No correlation with BTC) - Bullish (neutral for BTC). The NASDAQ surged sharply as demand for chip stocks increased. Any close above 20700 will take the index to 21000.

Technicals-

BTCUSD trades above the short-term moving average 34- EMA and 55 EMA and the long-term moving average (200 EMA) in the 4-hour chart.

Minor support- $65000. Any break below will take it to the next level at $63000/$60000/ $57000/$55000/$52500/$50000/$46000.

Bull case-

Primary supply zone -$70000. Any break above confirms an intraday bullishness. A jump to $73500/$75000 is possible.

Secondary barrier- $75000. A close above that barrier targets $80000/$85000.

Indicator (4-hour chart)


CCI (50)- Bullish

Average directional movement Index - Neutral

It is good to buy on dips around $63000 with SL around $60000 for TP of $70000.

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