Growing Demand for Spot Bitcoin ETFs
Demand for Bitcoin (BTC) is expected to continue to rise from institutional investors as they pour capital into Bitcoin exchange-traded funds (ETFs).
Data from SoSoValue Investors shows that U.S.-based Bitcoin spot ETFs have seen positive inflows in four of the last seven trading days, indicating institutional interest. On October 14, these investment products saw their highest net inflows since June 4, with over $555.8 million.
ETF Store President Nate Geraci said in a post on X that spot Bitcoin ETFs have had a “horrible” day, with nearly $20 billion in net inflows over the past 10 months, far exceeding any pre-launch demand estimates.
He also noted that advisors and institutional investors are continuing to adopt this ETF slowly.
Bitcoin RSI Suggests BTC Price of $233,000
Bitcoin price has held steady below its all-time high of $69,000 for the past four months, but the monthly RSI suggests a potential upside move in the near term.
In an October 14 analysis on the X platform, analyst Bitcoindata21 applied the standard deviation to the monthly RSI and predicted that BTC could reach around $233,000 at the peak of the current bull run. He also noted that the historical high of the monthly RSI corresponds to the peak of Bitcoin's price cycle, raising the question of the possibility of reaching $250,000 if the monthly RSI reaches 88-90.
BTC/USD weekly chart. Source: Bitcoindata21
Bitcoin sits on strong 200-day SMA support
On October 14, the price of Bitcoin surged above the 200-day simple moving average (SMA) at $63,335, contributing to the overall market recovery. Despite several attempts to maintain this level in recent times, none have been able to generate a broader price trend.
History shows that the last three times Bitcoin crossed the 200-day SMA, it resulted in parabolic price movements. At the time of writing, Bitcoin is trading above this level, considering it as immediate support.
