Bitcoin (BTC) is getting ready to fly: The big rise is very close!
Net inflows from spot ETFs and Trump's lead in the US presidential election have been a doping factor for Bitcoin (BTC).
The increase in net inflows to spot ETFs and Trump's lead over Harris on Polymarket (a decentralized prediction platform) have sent Bitcoin soaring. BTC, which has been rising breathlessly since $60,000, continues to give confidence to the market and investors. The Fed's interest rate cut, the upcoming US presidential election and data from spot ETFs have been a driving force for BTC.
Bitcoin, which has been priced below the falling channel since March 10, is gradually approaching a breakout. However, the falling channel structure has served as a formidable resistance in the past. If there is a re-emergence of selling pressure from this region (currently $68,000), the price may decline to $64,777 - $62,000 - $59,647 - $56,602 - $52,614 and $50,580, respectively. The $61,500-62,000 range will be decisive in the short/medium term. $BTC may be in a downtrend as long as it remains below this region.
If Donald Trump outperforms Kamala Harris in the US presidential election polls or if the net inflow series in spot ETFs continues, the rise in $BTC can be expected to continue. In such a scenario, the $68,000 band will be tested first. Then, a movement towards $70,000 and $73,684 can be followed. If ATH is exceeded, the psychological resistance level of $80,000 can be targeted.
Bitcoin spot ETFs saw a total net inflow of $371 million. BlackRockâs IBIT ETF attracted attention with an inflow of $289 million. Ethereum spot ETFs experienced a net outflow of $12.7 million. While Bitcoin is getting stronger every day, Ethereumâs weak outlook continues.
According to decentralized prediction platform Polymarket, Donald Trump continues to widen the gap in the US presidential election. Trump has 58.1 percent of the vote in the polls. Kamala Harris, on the other hand, fell by 41.5 percent as of October 16.
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