Over the past month, Bitcoin has experienced a remarkable surge of nearly 10.0%, capturing the attention of investors and analysts alike. As the market showcases a strong bullish sentiment, the cryptocurrency has been on an upward trajectory since October 11. Interestingly, this period also witnessed consistent positive net inflows in the Bitcoin Spot ETF market. Additionally, key technical indicators are highlighting a potential “golden cross,” signaling a shift in market momentum. Let’s delve into these developments to gain a comprehensive understanding of the current BTC market dynamics.
Bitcoin’s Recent Price Surge
At the beginning of October, Bitcoin’s price was recorded at $60,818.09. The following day saw a slight dip to $60,648.15, with the market displaying sideways movement from October 2 to 10. However, on October 10, increased buying pressure propelled the market beyond this pattern. From October 11 to 18, Bitcoin experienced significant growth, with its value rising by 13.41% to reach a current price of $68,400. This represents a monthly growth of at least 12.46%, underscoring a comfortably bullish outlook.
Many experts attribute this robust growth to the steady positive net inflows observed in the Spot BTC ETF market since the onset of Bitcoin’s latest upward momentum on October 11.
Spot Bitcoin ETFs: Is It the Driving Force Behind the Current BTC Surge?
Since October 11, the Bitcoin Spot ETF market has consistently recorded positive net inflows, with no negative net inflow observed. The total Bitcoin Spot ETF Net Inflow on October 11 was +253.60M, marking the lowest in a series of six consecutive positive inflows. The highest net inflow of +555.90M occurred on October 14. Just yesterday, a positive net inflow of +273.70M was reported, the second lowest in the series. On the day of the week’s highest inflow, Bitcoin’s price surged by approximately 5.13%.
While not the sole factor, it is reasonable to suggest that the consistent positive net inflows in the BTC Spot ETF market are contributing to the surge in Bitcoin’s price.
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Bitcoin Active Addresses: A Technical Analysis
Analyzing the Bitcoin active addresses chart reveals a recent increase in active BTC addresses, typically indicating a heightened interest in Bitcoin trading. By applying a 30-day moving average (DMA) and a 365-day moving average to the chart, we observe a potential “golden cross,” where the 30 DMA is poised to cross above the 365 DMA. This pattern is generally viewed as a positive market momentum indicator.
With Bitcoin’s price consistently climbing and technical signals pointing toward further momentum, the market appears poised for substantial growth in the coming weeks.
