Bitcoin surpasses $65,000 amid rising demand for spot Bitcoin ETFs
Bitcoin surpasses $65,000 amid rising demand for spot Bitcoin ETFs
Bitcoin (BTC) has surpassed $65,000 for the first time in several months, signaling a resurgence of confidence in the cryptocurrency market amid substantial institutional inflows. On October 15, BTC spurred and led a broader rally in digital assets, with Ethereum, Solana, and XRP also showing significant growth. Meanwhile, on October 14, U.S. spot Bitcoin ETF inflows reached a record high over the past four months.
According to Farside Investors, U.S. spot Bitcoin ETFs saw $556 million in inflows on Monday, marking the largest single-day inflow since June and reflecting growing institutional interest in Bitcoin as a primary investment asset. Market analysts attribute the recent rally not only to ETF-related enthusiasm but also to technical indicators displaying strong bullish momentum.
BTC recently surpassed a key resistance level of $66,400, and analysts believe that if this trend continues, the cryptocurrency could be on the brink of another parabolic surge. Historically, Bitcoin’s 200-day moving average has been a decisive factor in such breakouts, and recent market data suggests that a similar pattern might be forming.
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Adding to the bullish sentiment, the Stochastic RSI indicator, used to assess momentum, points to a possible major rally. This momentum breakout aligns with previous trends, where Bitcoin experienced rapid price increases following similar signals. Investors are cautiously optimistic that Bitcoin could challenge its previous all-time high if positive sentiment around the asset continues to build.
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However, Bitcoin’s recent price movement has not been without controversy. Google users recently reported that Bitcoin price data and charts briefly disappeared from Google search, raising questions about potential content suppression. Though brief, this incident attracted the crypto community’s attention to concerns over fair access to cryptocurrency information on mainstream platforms.
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Despite these challenges, Bitcoin’s latest performance stands out in the global financial landscape, where money supply inflows are increasing but asset values remain volatile. Recent data suggest that Bitcoin’s resilience and investor interest have outpaced these money supply changes, making it an attractive alternative to traditional assets for some investors.
At the time of writing, BTC is trading at $65,376, reflecting a 2.2% increase over the past 24 hours.
Also read: Craig Wright criticizes Michael Saylor's plan to create a bitcoin bank
