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 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’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 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.

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.

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.

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