With the crypto market capitalization reaching 2.25 trillion dollars, the bullish week witnessed Bitcoin surpassing the $67,000 mark. Since July 29, this is the first time the price of BTC has crossed $67,000.
As the recovery rally in BTC price gains momentum, the chances of a new all-time high are increasing in this October rally. Amid such hype and bullish sentiments, here are the five things you should know about Bitcoin as it aims for a new all-time high.
Bitcoin Price Breaks the Channel
In the daily chart, the BTC price action reveals a breakout of a high-supply resistance trend line. With the preparation of a third Bullish candle, the biggest crypto has increased by 7.03%. Meanwhile, the weekly gains for Bitcoin stand at $14.33 from the 7-day low of $58,867.
Taking a double-bottom reversal from the 200-day EMA, the recovery run in Bitcoin marks a channel breakout that formed a larger Bullish pattern. As the recovery rally heads towards the 78.60% Fibonacci level at $69,471, the Bullish momentum is on the rise.

#tradingview
With an uptick in the 50-day EMA and the RSI reaching the 70% overbought boundary line, the chances of an uptrend continuation are higher. However, a minor pullback to retest the broken trend line is possible.
Based on the Fibonacci level, the upside potential stands to reach the previous all-time high at $73,794. With a potential breakout, the upcoming price targets for the largest cryptocurrency stand at $79,028 and $85,832. 
Bitcoin ETFs Witness $926M Net Inflow in 3 Days
As the Bullish trend in Bitcoin gains momentum, the Bitcoin ETF market in the U.S. witnesses a third consecutive day of inflows, with $253 million worth of net total inflow on Monday, followed by $555 million on Tuesday. Thus, the ETFs have accounted for a net inflow of ~$926M in three days.

On October 15, Bitcoin's spot ETF recorded an inflow of $371 million. Currently, the U.S. spot Bitcoin ETFs hold a total net asset of $63.13 billion or 4.80% of the total Bitcoin supply. Among the top performers, BlackRock's IBIT market witnessed an inflow of $288.84 million yesterday. 
IBIT currently holds $25.06 billion worth of Bitcoin, making it the largest U.S. spot ETF for Bitcoin. This is followed by Grayscale's $14.74 billion worth of holdings and Fidelity's $12.31 billion holdings.
Bitcoin Whales Continue to Buy
The whales continue accumulating as the bullish sentiments around Bitcoin continue to rise. Over the last week, the institutional wallets, excluding miners and exchanges, bought over 67,000 coins in the past 30-day window, surpassing more than 3.9 billion Bitcoin.

Based on the data from CryptoQuant, as whales accumulate over Coinbase and Bitfinex, Binance and Bybit continue to be predominantly short. The disparity reflects a dynamic where large investors continue to absorb coins while retail investors are exhausted.
As the whales continue to buy back, the BTC price is expected to rise with the support of institutional players building their positions.
Bullish Speculations Rise in Derivatives Market
As the BTC price is coming back in the derivatives market, the Bitcoin open interest stands at $38.45 billion. With $77.19 million positions liquidated in the last 24 hours, $52.61 million were liquidated from the short side. 

Hence, the selling side takes a setback with Binance. Furthermore, Binance's top traders reflect a long-to-short ratio based on positions crossing the 1.18 mark, reflecting the top traders speculating a bullish move ahead.
Analyst Targets BTC Price To Hit $86,600
Supporting the bullish trend in Bitcoin ahead, Martinez Ali, a crypto analyst, has recently shared that the BTC price will likely create a local top of $86,600.
However, the prerequisite for this new all-time high will require Bitcoin to surpass the $67,400 mark. Currently, the Bitcoin price is trading at $67,238.

Curious to know if Bitcoin will hit $100k in 2024? Find a technically and logically driven answer in BTC price prediction for 2024 to 2030!

$ETH

The recent launch of Ethereum ($ETH ) ETFs has taken the market by surprise, offering investors a new way to gain exposure to ETH without holding the asset directly. This development has generated significant interest and speculation among investors and analysts alike.
Key Details:
Institutional Attraction: The introduction of Ethereum ETFs is expected to attract institutional investors, who may have been hesitant to invest directly in cryptocurrencies due to regulatory and custodial concerns. By providing a regulated and familiar investment vehicle, these ETFs could drive substantial new capital into the ETH market.Market Reactions: The immediate market response has been positive, with ETH prices seeing an uptick following the announcement of the ETFs. However, the question remains whether this initial enthusiasm has already been factored into the current price of ETH. Some analysts believe that the long-term potential of these ETFs is not yet fully reflected in ETH's market value.Volatility Concerns: While the introduction of ETFs is generally seen as a bullish development for Ethereum, some experts caution that the hype surrounding these products could lead to increased short-term volatility. Investors might react strongly to both positive and negative news related to the ETFs, causing significant price fluctuations.Long-Term Impact: The longer-term impact of Ethereum ETFs will depend on various factors, including the level of institutional adoption, the overall market conditions, and regulatory developments. If widely adopted, these ETFs could provide a stable and significant inflow of capital into Ethereum, potentially boosting its market capitalization and price stability.Regulatory Perspective: The launch of Ethereum ETFs also signals a growing acceptance of cryptocurrencies within traditional financial markets. This could pave the way for additional regulatory clarity and the development of more crypto-based financial products in the future.
In summary, while Ethereum ETFs have the potential to significantly influence the market, it is still uncertain whether their benefits are fully priced in. Investors should remain cautious and consider both the opportunities and risks associated with these new financial instruments.
$BTC

#etherreum #ETH🔥🔥🔥🔥 #BTC☀ #ETHETFsApproved #ETF_ETH

The process of launching the first spot Ether ETHUSD exchange-traded funds (ETFs) in the United States is “going smoothly,” says Securities and Exchange Commission Chair Gary Gensler.
Speaking at a June 25 Bloomberg conference, Gensler remained tight-lipped on when the ETFs could launch and deferred when asked if they could go live before the November U.S. elections.
“It’s really about the asset managers making the full disclosure so that those registration statements can go effective,” he said.
“What is in front of us — and it's done at a staff level — is what’s called the registration statements, the disclosure statements,” Gensler added. “Again, these disclosures are really important. They’re important to investors making investment decisions.”
The SEC approved 19b-4 filings from eight ETF bidders on May 23 but the asset managers are still making tweaks to their Form S-1’s — the final filings the SEC needs to approve before they go live for trading.
Nothing inconsistent” about securities laws
Analysts have predicted the SEC could approve the funds for trading as soon as next week — the first week of July.
The U.S. crypto industry has raised millions and lobbied to make digital assets an election issue after facing a deluge of enforcement actions from the Gensler-led SEC.
Presidential hopeful Donald Trump said he would end what he called President Joe Biden’s “war on crypto,” and billionaire investor Mark Cuban claimed Gensler could “literally cost Joe Biden the election.”
Gensler said he doesn’t speak on elections when asked about Trump and Cuban’s comments.
“We have a set of rules that are pretty clear. There’s nothing inconsistent about crypto securities and the securities laws,” he added. “Unfortunately, there’s a number of people that are non-compliant with the laws.”
#ETFEthereum #SECCryptoRule #SECETFApproval #ETFNewsUpdate #ETF_ETH