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Home»Market»Bitcoin Holds Strong: Here’s Why Analysts Are Starting to Feel Bullish
Market

Bitcoin Holds Strong: Here’s Why Analysts Are Starting to Feel Bullish

September 21, 2024No Comments3 Mins Read
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For the first time in three weeks, Bitcoin (BTC) rose above $64,000, before falling back to $63,450 on Friday morning during European trading hours, reflecting a 2% increase over the past 24 hours and a 10% increase over the past week.

Ethereum (ETH) followed suit, trading at $2,550, up 5% in the past 24 hours and 9% over the past week.

This momentum coincided with significant inflows into Bitcoin and Ethereum exchange-traded funds (ETFs), adding further fuel to the market rally.

According to data from SoSo Value, spot Bitcoin ETFs saw a net inflow of $158 million on Thursday, with Ark Invest and 21Shares’ ETF (ARKB) leading the charge with a single-day inflow of $81 million. Fidelity’s Bitcoin ETF (FBTC) also saw solid gains, with a net inflow of $49.8 million.

Spot Ethereum ETFs also attracted investors, with BlackRock’s ETF (ETHA) posting a net inflow of $5.2 million on the same day, the data showed.

As capital inflows into Bitcoin and Ethereum ETFs suggest growing investor confidence, analysts are becoming increasingly optimistic about the potential for a continued recovery.

In a note sent to DecryptBob Wallden, head of trading at Abra, noted that the market is showing signs of an extended uptrend.

“Cryptocurrencies are trading at their highest levels in a month and the market is poised for a stronger rally. Newsflow is bullish, indicating that the consensus is that the current trend is just beginning,” Wallden said. He added that October is generally favorable for Bitcoin and projected that the cryptocurrency could surpass $74,000 by the end of the year if current momentum continues.

Meanwhile, the rising price of Bitcoin has led to a wave of liquidations.

Over the past 24 hours, 58,848 traders were liquidated, totaling $156.04 million in losses. Short positions were the most affected, with $105.34 million in liquidations, while long positions saw $50.43 million liquidated, according to data from CoinGlass.

Alex Kuptsikevich, Senior Market Analyst at FxPro, said Decrypt that the total cryptocurrency market cap increased by 3.2%, reaching $2.21 trillion and with Bitcoin surging past $64,000, it is rapidly approaching a test of the emotionally important 200-day moving average.

He noted that breaking above this resistance level could open the door for further gains, with potential targets at $66,000 and $68,000.

Kuptsikevich also noted the rise in the price of Solana (SOL), which is up 20% from its pre-Federal Reserve meeting lows.

“On the daily time frame, the coin has consolidated above the 50-day moving average and is approaching the 200-day moving average (around $154) at current levels near $150,” he said.

BlackRock, meanwhile, highlighted in a note Bitcoin’s role as a potential hedge against geopolitical risks and economic uncertainty. They added that while Bitcoin has shown examples of short-term co-movements with stocks and other “risk assets,” over the longer term its fundamental drivers are radically different, and in many cases inverse, to most traditional investment assets.

“As the global investment community grapples with rising geopolitical tensions, concerns over the state of U.S. debt and deficits, and increased political instability around the world, Bitcoin can be viewed as an increasingly unique diversifier against some of the fiscal, monetary and geopolitical risk factors that investors may face elsewhere in their portfolios,” BlackRock said.

Edited by Stacy Elliott.

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