💥💥Tensions are rising: Will the rally in Bitcoin (BTC) continue? 💥💥
Bitcoin (BTC) may soon determine its direction by falling below the $ 65,000 level.
Bitcoin, which has been on an upward trend in recent days, had a bad start to the week. The leading cryptocurrency, which could not hold on at $ 65,500, fell to $ 64,500 and created anxiety in the market. BTC, which exhibited a negative price structure for the first time after the FED's interest rate decision, divided investors. While some investors see this price movement as a correction, others think the situation is reversing.
According to Coinglass data, the Bitcoin price is currently trading at $ 65,818 and its market value is $ 1.3 trillion. If BTC closes at $65,800 per month, it will have performed between 11.5-15 percent in September 2024.
Bitcoin has only had a positive trend in September three times since 2013, and each time this was considered the beginning of a rally. It is possible that BTC will perform better in Q4 and target the top. If the all-time high (ATH) is broken, the $80,000 band will be monitored as a resistance point.
Spot ETFs support Bitcoin price
There is movement in spot ETFs in the cryptocurrency market. Spot Bitcoin ETFs recorded significant inflows last week. According to Sosolvaue data, there was a net inflow of $494.4 million in Bitcoin on Friday alone. Spot Bitcoin ETFs saw a total inflow of $1.1 billion per week, revealing increasing institutional interest. In addition, spot Ethereum (ETH) ETFs also recorded a weekly net inflow of $85 million.
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