2024-10-20 02:34:25

#BTC is fluctuating around $67,000. What’s next?

BlockBeats news, on October 19th, QCP released its weekly summary, stating that this week was an exciting one for Cryptocurrency. BTC pumped by 10.48%, reaching a high of $69,000, with the psychological barrier of $70,000 within reach. There are no major macro data as resistance next week. The inflow of BTC ETF was considerable this week. As of Friday, the inflow of ETF reached $203.3 million and has shown a net inflow trend for 6 consecutive days. The continued inflow of ETF indicates that institutional demand remains strong. With the approval of BTC ETF Options by the US SEC this morning to be listed on the New York Stock Exchange (NYSE), it is believed that this will provide the required Liquidity for the ETF and attract sustainable fund inflows. BTC's market share has reached a multi-year high of 58%, a level not seen since April 2021. As it approaches the critical resistance level of 60%, we believe this will lay the foundation for a strong recovery of Layer 1 (L1) Tokens. With the US stock market approaching historical highs, the yen continues to weaken, and with the US election approaching, risk appetite will only further increase. This will drive the pump of risk assets and support the narrative of "Uptober" Rebound.

BTC1,46%

MAJOR3,71%

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

5 Likes

Reward
5
2
Repost
Share

Comment

0/400

Winwin8

· 2024-10-20 03:52

BTC showed a range-bound fluctuation in the third quarter, with prices fluctuating between $50,000 and $60,000. In September, BTC reached a monthly high of $68,400. From a long-term perspective, the current BTC cycle is closely related to the cycles of 2015-2018 and 2018-2022, with total returns of nearly 2,000% and 600% respectively. It is worth noting that the launch of the US BTC Spot ETF is a significant milestone. By the end of the third quarter, the Assets Under Management of the US Spot BTC ETF had reached nearly $60 billion, reflecting ongoing interest from institutional investors. In the Derivatives market, the average open interest of BTC Derivatives contracts in the third quarter of 2024 was $44 billion. On October 16th, the open interest (OI) of BTC reached a new high for the year at $39.36 billion, indicating a possible market adjustment in the near future.

View OriginalReply0

1112134

· 2024-10-20 02:38

Diamond Hands 💎

Reply0