Summary:
Bitcoin price gains 5% on Monday, reflecting increasing demand since April.
Spot ETFs saw $257 million inflows on October 14.
BTC is 12% away from its all-time high of $73,777.
A weekly close above $66,849 is essential for a bullish breakout.
Current Bitcoin Price
Bitcoin price today: $65,975
Bitcoin price gains 5% on Monday as data shows demand for BTC growing at a fast pace since April.
Spot ETFs noted $257 million of inflows on October 14.
Bitcoin trades under $66,000, less than 12% away from the all-time high of $73,777. BTC needs to close the week above $66,849 to break to the upside of the descending channel.
Reasons for Bitcoin's Potential Return to All-Time High
Bitcoin has noted a steady increase in demand among traders since April 2024, according to CryptoQuant.
On-chain data shows retail investors and small whales holding between 10 and 1,000 BTC have consistently accumulated since October 1, while large wallet investors have shed their holdings.
This consistent demand from retail traders could generate buying pressure across exchange platforms.
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Bitcoin holdings of different cohorts of holders
Bitcoin Price Forecast
To confirm a bullish breakout from the descending channel, Bitcoin needs to close above $66,849.
The Moving Average Convergence Divergence (MACD) indicator shows a weakening negative momentum, and a crossover above the signal line would indicate a trend reversal.
The Relative Strength Index (RSI) reads 56, indicating potential for further gains.
BTC/USDT weekly chart
Bitcoin is currently 11.94% away from its all-time high, facing resistance at $70,011 and $66,849. If it fails to close above the October 12 low of $62,457, it could invalidate the bullish thesis for BTC.
BTC/USDT daily chart
Note: Bitcoin is the largest cryptocurrency by market capitalization and operates without the control of any one entity, making it a decentralized currency.
Understanding Bitcoin, Altcoins, and Stablecoins
- Bitcoin is the largest cryptocurrency, serving as a decentralized form of payment.
- Altcoins refer to any cryptocurrency other than Bitcoin, with Ethereum often considered separately.
- Stablecoins are cryptocurrencies pegged to stable assets to minimize volatility, providing a stable investment option for users.
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