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Bitcoin ETF

Bitcoin

Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="null" target="null" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) is at a critical crossroads. While some traders are optimistic about an imminent surge as <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-familiar-bullish-smell-btc-price-66k" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-familiar-bullish-smell-btc-price-66k">BTC’s price passes $66,000</a>, others are not ruling out a retrace back to $60,000.
The speculation comes after Bitcoin <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-bull-rally-chances-q4-bitcoin-altcoins-analyst" rel="" target="_self" text="null" title="https://cointelegraph.com/news/crypto-bull-rally-chances-q4-bitcoin-altcoins-analyst">surpassed $65,000</a> on Sept. 26 for the first time since Aug. 2.
Kraken analysts opined in a note viewed by Cointelegraph that:
<blockquote>
 “The recent price action has been relatively tight, reflecting market indecision, as evidenced by the series of small-range doji candlesticks forming on the daily chart.”
</blockquote>
<h2 id="daily-close-above-65k-is-crucial-for-bulls">Daily close above $65K is crucial for bulls</h2>
The analysts explained that a daily close above $65,000 “would likely confirm bullish momentum and open the path to higher levels.”
Meanwhile, amid the current price rise above $66,000, Bitcoin’s open interest has seen an uptick of approximately 3.5% over the past seven days since Sept. 20, at $35.61 billion at the time of publication, according to CoinGlass <a data-ct-non-breakable="null" href="https://www.coinglass.com/pro/dashboard/bitcoin" rel="null" target="null" text="null" title="null">data</a>.
However, the Kraken analysts cautioned that if Bitcoin fails to “decisively break” above $65,000, it could trigger a retracement, with $60,000 being the first significant support level at risk.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-sell-side-risk-hits-2024-low-just-10-k-from-btc-price-record" rel="null" target="null" text="null" title="null">Bitcoin sell-side risk hits 2024 low just $10K from BTC price record</a>
They argued that BTC/USD is “at a pivotal juncture, and traders should closely monitor the price action around these key levels for confirmation of the next directional move.” 
Meanwhile, crypto analyst Matthew Hyland <a data-ct-non-breakable="null" href="https://x.com/MatthewHyland_/status/1839542988885680264" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/MatthewHyland_/status/1839542988885680264">explained</a> in a Sept. 26 video that: 
<blockquote>
 “This is the first time that this trend, this downtrend that we have been in for so long, is starting to change.”
</blockquote>
<h2 id="bitcoin-etf-interest-spikes-as-price-passes-65-000">Bitcoin ETF interest spikes as price passes $65,000</h2>
Echoing a similar sentiment, pseudonymous crypto trader Rekt Capital <a data-ct-non-breakable="null" href="https://x.com/rektcapital/status/1839584492714864891" rel="null" target="null" text="null" title="null">added</a> that Bitcoin is “on the cusp”&nbsp;of transitioning into the next stage of the market cycle, the “Parabolic Upside Phase.”
On Sept. 27, Cointelegraph reported <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/spot-bitcoin-etfs-largest-daily-inflow-2-months" rel="null" target="null" text="null" title="null">that the total aggregate inflows</a> for the 11 spot <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/bitcoin-etfs-for-retirement-planning" rel="null" target="null" text="null" title="null">Bitcoin exchange-traded funds</a> in the United States hit $365.7 million on Sept. 26.
The bumper ETF inflows were the largest since July 22, when there were inflows of $486 million. It also marked a sixth consecutive trading day of inflows for institutional investment products.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/advanced-ai-system-already-self-aware-asi-alliance-founder-agi/" rel="null" target="null" text="null" title="null">Advanced AI system is already ‘self-aware’ — ASI Alliance founder</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin at ‘pivotal juncture,’ $60K not out of the picture — Analyst

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