Following a $556 million influx into 11 Bitcoin Exchange-Traded Funds (ETFs), Bitcoin’s price rebounded on October 14, 2024. Based on data provided by Spot On Chain, this increase was the highest inflow since June 2024 and pushed the price of Bitcoin up.
The ETF inflow emphasizes the increased interest in Bitcoin, particularly as it gets general acceptance. Still, some market experts are wary of the price rise and point out a possible downside move soon.
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ETF Inflows Fuel Bitcoin Rebound
The recent inflow into Bitcoin ETFs marks a major milestone, being the eighth-largest net inflow since BTC ETFs were first introduced. This influx coincided with a 4.6% price increase for Bitcoin, pushing it closer to key resistance levels.
Spot On Chain noted that this is the largest inflow since June 5, 2024, further fueling bullish sentiment among long-term holders.
Analysts are observing Bitcoin’s price movement in respect to key resistance and support zones even with the favorable inflow statistics. The issue still is whether Bitcoin can sustain its increasing momentum or whether a possible downturn is just around.
Expert’s Analysis Signals Bearish Outlook
Not all analysts are bullish on Bitcoin. Crypto Patel, a widely-followed analyst on X shared a chart indicating a bearish scenario. Patel noted that Bitcoin has tapped into a Bearish Order Block (OB) around the $66,000 level, followed by a liquidity grab.
According to Smart Money Concepts (SMC), this pattern often suggests that a price drop may follow after liquidity is collected.
Patel’s analysis points to a possible retest of the $63,200 to $62,500 range, where a Bullish OB exists. This zone is viewed as a critical support level that could lead to a price bounce if enough buying pressure emerges. However, if Bitcoin fails to close above $66,250 on a 4-hour chart, the bearish outlook remains intact.
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Key Levels to Watch for Traders
Patel’s analysis highlights that Bitcoin’s price must stay above $66,250 to invalidate the bearish scenario. Should this level hold, Bitcoin may see renewed bullish momentum.
On the flip side, if the price falls to the $63,200-$62,500 range, traders will be watching for signs of a potential bounce. Besides, per data from CoinGecko at press time, BTC trades at $65,423.62. This indicates a value increase of 2.36% over the last day, also seen over the week.
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