Bitcoin is up 2.04%, trading at $64,420.02, showing bullish momentum.
Whale transactions and ETF inflows signal long-term confidence.
Bitcoin is
currently
trading at $64,420.02, marking a 2.04% increase in the last 24 hours. Its market capitalization surged to $1.27 trillion, showing a similar 2.04% rise. Meanwhile, the 24-hour trading volume reached $29.24 billion, increasing by 3.52%. This steady price movement highlights a bullish sentiment in the market. Institutional interest and significant whale transactions are further boosting confidence among investors.
The price of Bitcoin continues to hover around the $64,000 mark, signaling a strong bullish sentiment. Analysts predict that it could move toward $74,000 in the near term. One of the primary drivers behind this optimism is the formation of a bull flag pattern. This continuation pattern suggests Bitcoin is likely to resume its upward trend once it breaks above the resistance at $66,500.
In the last few hours,
whale
activity has surged significantly. Approximately 8,013 BTC, worth over $516 million, has been transferred between unknown wallets. This accumulation signals a long-term bullish outlook, indicating confidence in Bitcoin’s price potential. At the same time, Bitcoin ETFs are experiencing notable inflows. On September 24, Bitcoin spot ETFs saw $136 million in net
inflows
, with BlackRock’s IBIT ETF alone drawing in $98.89 million. These inflows from institutional investors further strengthen Bitcoin’s bullish outlook.
Bitcoin (BTC) Technical Indicators Pointing Upward
From a technical standpoint, Bitcoin is testing resistance at $66,500. If it breaks this level, the price could rise toward $74,000.
(Source:
Santiment
)
Key support stands around $63,000, which could prevent any sharp declines. The RSI (Relative Strength Index) is currently at 65.14, indicating that Bitcoin is approaching overbought territory but still has room for upward movement. The 9-day moving average is $63,019, providing additional support for Bitcoin’s price as it continues to trade above this level.
Additionally, the broader macroeconomic environment is supporting Bitcoin’s bullish momentum. Federal
Reserve
rate cut in September 2024 could weaken the U.S. dollar, increasing demand for Bitcoin as an alternative store of value.Highlighted Crypto News Today
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