Bitcoin (BTC) Price Rebounds as ETF Inflows Hit 8-Month High: What's Next?
Following a $556 million influx into 11 Bitcoin Exchange-Traded Funds (ETFs), Bitcoin's price rebounded on October 14, 2024.
Bitcoin price rebounded on October 14, 2024, following a massive influx of $556 million into 11 Bitcoin Exchange-Traded Funds (ETFs). This price increase, as highlighted by Spot On Chain, is attributed to the record-breaking ETF inflow.
According to data from CoinGecko, BTC price rose by 4.6% during this period, pushing the primary cryptocurrency closer to key resistance levels. Notably, this is the largest net inflow into Bitcoin ETFs since June 5, 2024, further bolstering bullish sentiment among long-term holders.
However, some analysts remain cautious about Bitcoin's price movement in relation to key resistance and support zones.
Crypto Patel, a well-known analyst on X, shared a chart presenting a bearish scenario. Patel's analysis suggests that Bitcoin has tapped into a Bearish Order Block (OB) around the $66,000 level, followed by a liquidity grab.
According to Smart Money Concepts (SMC), this pattern often indicates a price drop after liquidity is collected. Patel's analysis points to a possible retest of the $63,200 to $62,500 range, where a Bullish OB is present. This zone is crucial for potential price bounces if sufficient buying pressure emerges. However, the bearish outlook remains if BTC fails to close above $66,250 on a 4-hour chart.
Highlighting key levels for traders, Patel's analysis suggests that Bitcoin's price must remain above $66,250 to invalidate the bearish scenario. If this level holds, Bitcoin could see renewed bullish momentum.
On the other hand, traders will be watching for signs of a potential bounce if the price falls to the $63,200-$62,500 range. Meanwhile, BTC trades at $65,423.62 at press time, showing a 2.36% increment in the last day and a 3.36% gain in the last seven days, according to CoinGecko.
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