Bitcoin’s spot price has continued its upward march, trading as high as $69,000, just 6.8% below its all-time high (ATH).
This recent surge, driven by technical and on-chain factors, has pushed Bitcoin through several key resistance levels, marking one of the first signs of sustained positive momentum since late June.
The #Bitcoin spot price has continued to march higher, trading up to $69k, only 6.8% below the ATH.
Using technical and on-chain inputs, the price uptick has broken through several critical levels. This is one of the first signs of positive price momentum since late June.… pic.twitter.com/86H6UTyDcc
— glassnode (@glassnode) October 23, 2024
The network fundamentals are reflecting similar patterns seen in previous bullish cycles. Even if Bitcoin experiences a short-term correction or consolidation, the underlying data suggests a strong chance of an overall positive trend moving forward.
#Bitcoin Network Fundamentals Turn Positive
“Bitcoin's network fundamentals are exhibiting patterns similar to those observed during previous bullish periods. Even if a correction or consolidation phase occurs in the near future, there is a strong likelihood of a positive trend… pic.twitter.com/XBWCmNymKT
— CryptoQuant.com (@cryptoquant_com) October 23, 2024
Bitcoin’s mining difficulty has also increased by 3.9%, setting a new record at 95.7 trillion. This adjustment was fueled by a seven-day average hash rate of 724 EH/s, as more miners compete to secure blocks.
The rising difficulty ensures that block discovery remains consistent at approximately every 10 minutes, despite the increasing computational power required to participate in the network. This uptick in mining activity indicates growing confidence in Bitcoin’s long-term outlook.
Bitcoin's mining difficulty increased by 3.9% to a record 95.7 trillion.
This rise was driven by a seven-day moving average hash rate of 724 EH/s.
The adjustment ensures block discovery occurs every 10 minutes, even with the growing competition among miners.
Higher difficulty… pic.twitter.com/UymdA1plr3
— Kyledoops (@kyledoops) October 23, 2024
Bitcoin Spot ETFs Sees First Net Outflow After Seven Days
On the institutional front, Bitcoin ETFs in the U.S. have seen their first net outflow after seven days of strong inflows, with $79.09 million exiting on October 22 as Bitcoin hovered around $67.2K.
Bitcoin spot ETF had a total net outflow of $79.0905 million on October 22, the first net outflow after the net inflow in the past 7 days. Ethereum spot ETF had a net inflow of $11.94 million on October 22. https://t.co/59u0BnDSW8
— Wu Blockchain (@WuBlockchain) October 23, 2024
However, BlackRock’s iShares Bitcoin Trust (IBIT) has continued to add to its holdings, purchasing 22,480 BTC ($1.51 billion) over the last seven days, bringing its total to 392,121 BTC. BlackRock’s ongoing accumulation reflects the growing institutional appetite for Bitcoin.
The US Bitcoin ETFs finally saw outflow again after 7 days of strong inflows as $BTC hovers around $67.2K!
Yet, BlackRock's IBIT remains a major buyer with 22,480 $BTC ($1.51B) added in the last 7 consecutive days, bringing its total holdings to 392,121 $BTC.
Can Bitcoin break… pic.twitter.com/xK8Ajuq5dD
— Spot On Chain (@spotonchain) October 23, 2024
As October draws to a close, the key question remains: Can Bitcoin break through its current range and test new highs? With strong fundamentals and institutional support, the stage appears set for Bitcoin to potentially challenge its ATH in the coming weeks.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: balage941/123RF // Image Effects by Colorcinch
