Bitcoin prices reached $66,500 during late trading on Oct. 14, according to CoinGecko. It is the highest level since late September when it hit a similar price but was rejected at resistance.<\/p>\n
The asset seems to be behaving similarly again, with resistance forcing a retrace to $65,400 during Tuesday morning trading in Asia. Analyst \u2018CrediBULL Crypto\u2019 cautioned<\/a> against celebrating until there is an actual breakout, which has yet to happen.<\/p>\n Nevertheless, BTC is up 2.4% on the day had has made 5% since the same time last week.<\/p>\n On Oct. 15, CryptoQuant CEO Ki Young Ju posted a chart showing that \u201capparent demand,\u201d which is the difference between production and changes in inventory, is back to levels not seen since the March and April highs.<\/p>\n If the decrease in inventory exceeds production, or mining issuance in this case, demand is increasing, and vice versa, he explained.<\/p>\n #Bitcoin<\/a> apparent demand is back.<\/p>\n h\/t @jjcmoreno<\/a> pic.twitter.com\/82WV1s3x2r<\/a><\/p>\n \u2014 Ki Young Ju (@ki_young_ju) October 15, 2024<\/a><\/p>\n\n Meanwhile, HODL15Capital\u00a0posted<\/a> that \u201cUptober\u201d has finally arrived, and BTC is showing an overall gain for this month as it has done for nine of the previous eleven Octobers.\u00a0Bitcoin market sentiment has turned overwhelmingly bullish, with the Fear and Greed Index jumping into \u201cgreed\u201d with a reading of 65.<\/p>\n This has been partially boosted by comments from BlackRock CEO Larry Fink<\/a>, who suggested that Bitcoin could become as big as the US housing market during the firm\u2019s Q3 earnings call.\u00a0He also said he didn\u2019t believe that either US presidential candidate would make a difference because \u201cthe utilization of [digital] assets are going to become more and more of a reality worldwide.\u201d<\/p>\n Bitcoiners had already started crunching numbers and comparing the $50 trillion housing market to potential BTC price gains.<\/p>\n \u201cBitcoin will become as big as the US housing market\u201d That market is currently 50 Trillion. Let\u2019s estimate 100 Trillion by 2040. That is 76x Bitcoin\u2019s 1.3 Trillion market cap.<\/p>\n In other words, Bitcoin is going to 5 Million. Source: the most important person in\u2026<\/p>\n \u2014 Fred Krueger (@dotkrueger) October 14, 2024<\/a><\/p>\n\n Institutional investors have also turned bullish, with US spot Bitcoin ETFs seeing their largest net inflow day since June with $556 million. Fidelity\u2019s FBTC ETF led the pack with an inflow of $239.3 million.<\/p>\n Finally, Metaplanet \u2013 which is often called the MicroStrategy of Asia \u2013 has made another BTC purchase.<\/p>\n The Japanese investment firm bought 107 BTC worth $7 million on Oct. 15 bringing its total stash to 855.4 BTC worth an estimated $56 million at current prices.<\/p>\n .@Metaplanet_JP<\/a> has purchased an additional 106.976 #bitcoin<\/a> for \u00a51 billion at an average price of \u00a59,347,891 per $BTC<\/a>. As of October 15, Metaplanet holds ~855.478 bitcoin acquired for \u00a57.965 billion at an average price of \u00a59,310,061 per $BTC<\/a>. #\u30e1\u30bf\u30d7\u30e9\u30cd\u30c3\u30c8<\/a> pic.twitter.com\/DsTe7yAYoY<\/a><\/p>\n \u2014 Simon Gerovich (@gerovich) October 15, 2024<\/a><\/p>\n\n The firm started<\/a> its Bitcoin purchasing strategy in May. Its stock has surged 280% since the beginning of May and jumped around 15% this week following the purchase.<\/p>\n The post What Has Driven Bitcoin to $66.5K in Bullish Market Pivot?\u00a0<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin prices reached $66,500 during late trading on Oct. 14, according to CoinGecko. It is the highest level since late September when it hit a similar price but was rejected at resistance. The asset seems to be behaving similarly again, with resistance forcing a retrace to $65,400 during Tuesday morning trading in Asia. Analyst \u2018CrediBULL […]<\/p>\n","protected":false},"author":0,"featured_media":13850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-13849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13849"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=13849"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/13849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/13850"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=13849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=13849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=13849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin Bulls Are Back<\/h2>\n
\n\u2014 Larry Fink.<\/p>\nMetaplanet Buys More BTC<\/h2>\n