Table of contents

  • October has been slow – what’s next?

  • How ETF Inflows Boost Bitcoin

  • Bitcoin Technical Analysis

  • What’s Next for Bitcoin?

The market looks very bullish as Bitcoin has surged nearly 10% over the past 30 days. Bitcoin has been rising steadily since October 11, following continued positive inflows into the Bitcoin spot ETF market. At the same time, key technical indicators suggest a possible "golden cross," which typically signals more gains to come.

So, what’s behind Bitcoin’s latest price surge? Let’s explore.

October has been slow – what’s next?

At the beginning of October, the price of Bitcoin was $60,818.09, but it fell slightly to $60,648.15 the next day. Between October 2 and 10, the market was mostly sideways without much movement. However, on October 10, buying pressure began to increase, helping Bitcoin break out of the consolidation phase.

Bitcoin experienced strong growth between October 11 and 18, gaining 13.41%. Currently, Bitcoin is at $68,400, up 12.46% this month. This bullish momentum seems to be well supported, with market sentiment becoming increasingly positive.

How ETF Inflows Boost Bitcoin

The Bitcoin Spot ETF market has not seen its next negative inflow since October 11th. On October 11th, Bitcoin Spot ETF net inflows totaled +253.60M, the lowest in a series of six consecutive positive inflows since that day. The highest net inflow of +555.90M was recorded on October 14th. Yesterday, the market reported a positive net inflow of +273.70M - the second lowest. On the day when the Bitcoin Spot ETF market recorded its highest inflow of the week, the price of BTC rose sharply by about 5.13%.

While these inflows are not the only factor driving Bitcoin’s price, they appear to be playing an important role in supporting the rise in Bitcoin’s price.

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Bitcoin Technical Analysis

Another key indicator is the recent increase in active Bitcoin addresses, which indicates a growing interest in Bitcoin transactions. More active addresses generally indicate increased market participation, which typically drives prices higher.

One promising technical signal is the possible formation of a "golden cross." By applying the 30-day and 365-day moving averages, it is possible that the 30-day average will soon cross above the 365-day average. A golden cross is often seen as a sign of further positive momentum in the market.

What’s Next for Bitcoin?

With Bitcoin’s price climbing steadily and key technical indicators pointing toward further gains, the market appears primed for more growth. ETF inflows, rising active addresses, and a potential golden cross all suggest that this bullish trend could continue.

Bitcoin investors may have a lot more to look forward to in the coming weeks. Are you excited?