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"BTCUSD Soars: Will $70K Be Within Reach? Bullish Momentum Builds!"
Potential reversal zone- $52530.
BTCUSD pared some of its gains due to profit booking. It hit a high of $69498 yesterday and is currently trading at around $67396.
Bitcoin (BTC)
Market Activity: BTC has seen an 11% price increase over the past week. Whales have accumulated around 20,000 BTC, valued at over $1.35 billion. This group now holds a total of 3.05 million BTC. The accumulation trend suggests a potential breakout past the $68,000 resistance level toward its all-time high of $73,750.
As of mid-October 2024, Bitcoin spot ETFs have attracted significant interest, with total net inflows reaching roughly $470.5 million on October 17 alone.
Key funds driving this demand include BlackRock's IBIT, which accounted for approximately $309 million in inflows on that day, and Fidelity's FBTC, which saw inflows of around $11.7 million. Other ETFs, such as Grayscale's GBTC and Ark Invest's ARKB, also contributed to the total inflows, although to a lesser degree.
US markets -
NASDAQ (No correlation with BTC) - Bullish (neutral for BTC). The NASDAQ trades higher after NVIDIA hits all-time high. 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- $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)- Bearish
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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