Bitcoin (BTC) is on a tear, surging towards the $66,000 mark as the cryptocurrency market continues its bullish momentum. The ongoing rally has seen BTC prices climb by over 21% in the past three weeks, surpassing the $65,500 level.
Technical Analysis Points to Further Gains
Technical indicators suggest that Bitcoin’s upward trajectory is far from over. Fibonacci retracement levels indicate that the cryptocurrency is approaching the $69,032 mark, or the 78.60% level. Additionally, price action analysis reveals a potential breakout from a falling channel pattern, suggesting a continuation of the bullish trend.
The MACD and signal lines are also trending upwards, indicating positive momentum. Furthermore, the long-to-short ratio has surpassed the one-unit threshold, suggesting that more traders are bullish on Bitcoin.
Derivatives Market Shows Strong Bullish Sentiment
The derivatives market is also reflecting the bullish sentiment surrounding Bitcoin. Open interest in Bitcoin futures has surged by over 2% in the past 24 hours, reaching $35.79 billion. Options value has also increased by 66% to $3 billion, while trading volume has spiked by 52%.
US Spot Bitcoin ETFs Witness Record Inflows
The growing confidence in Bitcoin is evident in the recent inflows into US Spot Bitcoin ETFs. On September 26, these ETFs saw a massive influx of $365.57 million, the largest in September. The total assets under management of US Spot Bitcoin ETFs now stand at $60.03 billion, representing 4.70% of Bitcoin’s market capitalization.
Also Read: Bitcoin Short Squeeze Sparks $1.6 Billion Liquidation Frenzy – Will BTC Surge To $70K?
Will Bitcoin Reach a New All-Time High?
While the current bullish trend is promising, it’s important to note that the cryptocurrency market is highly volatile. Factors such as regulatory developments, macroeconomic conditions, and geopolitical events could impact Bitcoin’s price.
However, if the current momentum continues, Bitcoin could be well on its way to reaching a new all-time high. Investors will be watching closely to see if the cryptocurrency can break through the $66,000 barrier and continue its upward trajectory.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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