bullish

2024

Bitcoin

<ul class="wp-block-list">
 <li>Bitcoin is up 2.04%, trading at $64,420.02, showing bullish momentum.</li>
 <li>Whale transactions and ETF inflows signal long-term confidence.</li>
</ul>
Bitcoin is <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">currently </a>trading at $64,420.02, marking a 2.04% increase in the last 24 hours. Its market capitalization surged to $1.27 trillion, showing a similar 2.04% rise. Meanwhile, the 24-hour trading volume reached $29.24 billion, increasing by 3.52%. This steady price movement highlights a bullish sentiment in the market. Institutional interest and significant whale transactions are further boosting confidence among investors.
The price of Bitcoin continues to hover around the $64,000 mark, signaling a strong bullish sentiment. Analysts predict that it could move toward $74,000 in the near term. One of the primary drivers behind this optimism is the formation of a bull flag pattern. This continuation pattern suggests Bitcoin is likely to resume its upward trend once it breaks above the resistance at $66,500.&nbsp;
In the last few hours, <a href="https://thenewscrypto.com/bitcoin-reaches-25d-high-as-whales-trade-and-shorts-liquidate/" target="_blank" rel="noopener noreferrer nofollow">whale </a>activity has surged significantly. Approximately 8,013 BTC, worth over $516 million, has been transferred between unknown wallets. This accumulation signals a long-term bullish outlook, indicating confidence in Bitcoin’s price potential. At the same time, Bitcoin ETFs are experiencing notable inflows. On September 24, Bitcoin spot ETFs saw $136 million in net <a href="https://x.com/spotonchain/status/1838787689530953874" target="_blank" rel="noopener noreferrer nofollow">inflows</a>, with BlackRock’s IBIT ETF alone drawing in $98.89 million. These inflows from institutional investors further strengthen Bitcoin’s bullish outlook.
<h3 class="wp-block-heading" id="h-bitcoin-btc-technical-indicators-pointing-upward">Bitcoin (BTC) Technical Indicators Pointing Upward</h3>
From a technical standpoint, Bitcoin is testing resistance at $66,500. If it breaks this level, the price could rise toward $74,000.&nbsp;
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="497" src="https://thenewscrypto.com/wp-content/uploads/2024/09/Screenshot-2024-09-25-104440-1024x497.png" alt="" class="wp-image-108921" srcset="https://thenewscrypto.com/wp-content/uploads/2024/09/Screenshot-2024-09-25-104440-1024x497.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/09/Screenshot-2024-09-25-104440-300x146.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/09/Screenshot-2024-09-25-104440-768x373.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/09/Screenshot-2024-09-25-104440.png 1264w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">
 (Source: <a href="https://app.santiment.net/charts/Kpwbm0Ve__sCl" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>)
 </figcaption>
 </figure>
</div>
Key support stands around $63,000, which could prevent any sharp declines. The RSI (Relative Strength Index) is currently at 65.14, indicating that Bitcoin is approaching overbought territory but still has room for upward movement. The 9-day moving average is $63,019, providing additional support for Bitcoin’s price as it continues to trade above this level.
Additionally, the broader macroeconomic environment is supporting Bitcoin’s bullish momentum. Federal<a href="https://thenewscrypto.com/september-federal-reserve-meeting-expected-to-see-25-basis-point-rate-cut-as-traders-bet/" target="_blank" rel="noopener noreferrer nofollow"> Reserve</a> rate cut in September 2024 could weaken the U.S. dollar, increasing demand for Bitcoin as an alternative store of value. Highlighted Crypto News Today <a href="https://thenewscrypto.com/why-is-popcat-the-most-talked-about-memecoin-today/" target="_blank" rel="noopener noreferrer nofollow">Why Is POPCAT the Most Talked About Memecoin Today?</a>

Is Bitcoin (BTC) Set for a Bullish Breakout Above $66,500?

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