Bitcoin Breaks $68K: A Powerful Blend of Institutional Demand and Social Media Hype Fuels the Surge

BTCUSD surged above $68000 on strong institutional demand. It hit a high of $68388 at the time of writing and is currently trading at around $67856.

Social media hype

Sentiment analysis from Santiment indicates that the current bullish sentiment might be at its peak, signaling a possible correction in the market. Historically, when discussions on social media spike at significant price levels, such as $70K, it tends to suggest impending market tops

.BTC ETF

BTCETF saw inflows of $373.30 M on Oct 15th yesterday led by IBIT with $288.80 million inflows, According to SoSOValue.

US markets -

NASDAQ (No correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades higher on rate cut hopes. Any close above 20500 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- $63000. Any break below will take it to the next level at $60000/ $57000/$55000/$52500/$50000/$46000.

Bull case-

Primary supply zone -$70000. Any break above confirms an bullish continuation. A jump to $75000/$80000 is possible.

Secondary barrier- $70000. A close above that barrier targets $750000/$80000.

Indicator (4-hour chart)

CCI (50)- Bullish

Average directional movement Index - Bullish

It is good to buy on dips around $65000 with SL around $60000 for TP of $75000.

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