Bitcoins Near to its all Time Highs
Table of Content
- Overview of Recent Bitcoin surge
- Increase in demand for Bitcoin
- Short term-Bullish and Bearish Scenario
The price of bitcoin was recently approached near $67,000, rising some 7% over the past 24 hours according to CoinDesk data.
This surge in Bitcoin’s price shares of companies like crypto exchange Coinbase, major bitcoin holder MicroStrategy (MSTR) and crypto mining company Marathon Digital (MARA). Coinbase stock, in particular, saw a rise of around 9%.
The recent surge in Bitcoin’s price can attributed to a significant rise in demand. According to CryptoQuant data, the demand for BTC is currently growing because of its fastest monthly rate since April 2024.
The recent moves in Bitcoin’s price came as broader markets rally, including gains in the tech-focused Nasdaq Composite, as the week began. Bitcoin is trading near recent highs, though it remains slightly below its peak level points of 2024.
This current trend is clearly reflected in the significant inflows into spot Bitcoin ETFs. On October 14 alone, these financial products attracted $257 million in new capital, signaling a strong growing interest from institutional investors in Bitcoin.
This also follows a policy statement from Vice President Kamala Harris, the Democratic presidential nominee, who expressed support for “a regulatory framework for both cryptocurrency and other digital assets.”Combined with previous statement from former President Donald Trump, her Republican opponent, this could indicate that Washington may adopt more crypto-friendly outlook, regardless of the electionoutcome.
Furthermore, on-chain data reveals a steady accumulation by small holders, those holding between 10 and 1000 BTC, since the start of the month. This ongoing buying activity could put additional upward pressure on the prices of Bitcoin in the coming days.
With Bitcoin’s current price just 12% below from its all time high $73,77, Bitcoin appers poised to well-positioned to attempt a return to its peaks. However, the inherent volatility of cryptocurrencies warrent caution. A break of the support at $62,457 would invalidate this bullish outlook in the short term.
