Bitcoin: 2 factors that can propel BTC beyond $67K

• Bitcoin is buying and selling at $67K, above the common value of Spot ETFs.
• BTC Open Curiosity was at its highest stage since 2020.

Bitcoin [BTC] has risen above $67,000 once more, drawing merchants’ and establishments’ consideration to key assist ranges that might play a vital function within the ongoing bull rally.

One such stage is the common value of Bitcoin Spot ETFs, excluding Grayscale’s (GBTC). All through 2024, this value stage has emerged as an necessary assist, offering stability throughout unstable durations.

Regardless of small dips, Bitcoin has persistently recovered, underscoring the resilience of Spot ETF traders who’ve maintained their positions even throughout market corrections.

The $57,000 stage, which represents the common value of Bitcoin Spot ETFs, has confirmed to be a vital assist all year long.

Supply: CryptoQuant

It has solely been examined twice: through the sell-off on August 5 and the sharp correction on September 6. Nonetheless, as a substitute of panic promoting, Spot ETF traders held agency, with solely minor outflows.

This confirmed robust perception in Bitcoin’s long-term potential as traders confirmed no indicators of capitulation regardless of momentary unrealized losses.

BTC Spot ETFs Inflows and OI

This resilience has helped solidify the $57K stage as a base for the continued bull rally, with the rise of Bitcoin Spot ETFs offering a regulated entry level for institutional traders, boosting confidence available in the market.

This integration of conventional monetary merchandise with Bitcoin has opened the door for wider adoption.

Up to now three buying and selling days alone, Bitcoin ETFs have seen inflows of over $1 billion, indicating that institutional traders are accumulating BTC at an unprecedented charge.

Supply: Bitcoin Journal PRO

Along with the rising affect of Spot ETFs, Open Curiosity (OI) in Bitcoin Futures is reaching new heights, particularly on Binance, the place OI has soared to $40 billion.

This mirrored continued bullish sentiment amongst merchants, who continued to purchase eagerly regardless of the value rise. This surge in demand may scale back accessible provide, sending BTC costs increased.

OI futures on different exchanges similar to Bybit and OKX have additionally reached peak ranges, additional supporting the concept that Bitcoin is more likely to stay above the $57K stage throughout this bull run.

Supply: IntoTheCryptoverse

Whale transactions

One other main issue supporting the $57,000 assist stage is the current spike in whale trades. Over the previous ten weeks, whale transfers of $100,000 or extra have soared, with 11,697 such transactions recorded.

This elevated exercise suggests that enormous traders are actively accumulating Bitcoin, including extra confidence to the market’s upward trajectory.

Learn Bitcoin’s [BTC] Worth forecast 2024–2025

Moreover, Bitcoin has dominated social media discussions, accounting for greater than 1 / 4 of all crypto-related conversations.

Supply: Santiment

Whereas the value could endure short-term corrections, the medium- and long-term figures stay bullish, rising the probability that BTC will keep its place above the $57,000 assist stage through the present rally.