The price of Bitcoin has surged more than 21% in the last 7 days, with the price now very close to $62,000 – near its all-time high of $69,000. This significant movement happened 4 days ago after Bitcoin took off from $51,000 and reached $64,000 within just 3 days. The price is now seeing sideways movement on the 4-hour chart, but it looks like the move is not yet over. What has been behind this recent rally?
Institutional Demand Outpacing Supply
According to Seth (@seth_fin) on Twitter, the demand from Bitcoin ETFs reached 11,211 BTC two days ago while miners only produced 900 newly mined coins. This supply shock, with institutional demand greatly outpacing supply from miners, has put upward pressure on Bitcoin’s price.
Seth also notes that the upcoming Bitcoin halving in 51 days will further constrict supply, making him very bullish on Bitcoin’s long-term prospects. So surging institutional demand combined with constrained supply appears to be fueling this latest BTC price surge.
Strong Support Around $60K Price Level
Another Top Analyst, Ali (@ali_charts), points out that Bitcoin is holding above massive support around the $60,000 – $62,000 price range, with 1 million addresses having purchased approximately 671,000 BTC in that accumulation zone.
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Show more +This highlights strong investor confidence at current levels, cushioning against significant price drops and explaining Bitcoin’s ability to rally 21% over the last week.
In summary, the combination of growing institutional demand versus limited supply along with strong investor support around $60,000 seems to be driving Bitcoin’s ongoing price rally over the past 7 days.
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