Can Bitcoin break through 70,000 today?
The most concerned thing in the currency circle today should be whether Bitcoin can break through 70,000. Here we analyze it from many aspects.
Driven by capital inflow: The strong capital inflow of Bitcoin spot ETF is one of the important factors driving the price increase. A large amount of funds have entered the Bitcoin market, increasing the market demand for Bitcoin and providing strong support for the price increase. As of October 15, BlackRock's Bitcoin spot ETF held more than 375,000 BTC, and the market value of holdings exceeded US$25 billion, which shows the positive attitude of institutional investors towards Bitcoin and has attracted more investors' attention and capital inflow.
Favorable macroeconomic environment: Although the market expects the Federal Reserve to slow down the pace of interest rate cuts after the United States released inflation data, concerns about future inflation and currency depreciation still exist. As a scarce asset with a constant total amount and cannot be issued at will, Bitcoin is widely regarded as an effective tool to hedge inflation and fiat currency depreciation. In this macroeconomic environment, investors' demand for Bitcoin may continue to increase.
Policy uncertainty has eased: With the US presidential election approaching, policy uncertainty has eased, injecting confidence into the market. Previously, the cryptocurrency industry has been complaining that US officials are regulating through law enforcement rather than providing transparency, and now US Vice President Kamala Harris has pledged to support a regulatory framework for cryptocurrencies, which has improved market policy expectations for cryptocurrencies. (From today's real-time updated approval rating, it is highly likely that Trump will win the election)
Increased market acceptance: Since 2024, the increased acceptance of Bitcoin by governments in many countries and regions, as well as the clarification of a series of regulatory policies in major countries and regions in the world, have gradually recognized the legal status of Bitcoin. In addition, some major traders are increasingly accepting Bitcoin as a payment medium, which has expanded Bitcoin's application scenarios and market demand
Personally, I think as long as the important resistance level of 68550 is broken, it will only take a few minutes to break through 70,000
