Bitcoin Bullish Surge: Breached $66K For the First Time in August
Bitcoin is surging, with a remarkable 29% surge within last three weeks, moving with repetitive confidence
On Friday, September 27th, Bitcoin (BTC) breached the $66,000 threshold for the first time since August, marking a remarkable 29% surge within three weeks. A confluence of factors, including renewed inflows into Bitcoin ETFs and significant macroeconomic shifts in the global market fuels this bullish trajectory.
As of the time of writing, BTC is currently facing the pull and push from the bears and bulls. According to coinmarketcap, the apex coin is currently sitting at the peak of $65,940.43.
Analysts closely monitor the situation, highlighting the significance of this price action in the context of a complex global landscape. While some traders are optimistic about an imminent surge beyond $66,000, others remain cautious, anticipating a potential retracement back to $60,000.
Major Factors to Bitcoin Bullish Heights
Contributing to this bullish sentiment are recent developments in China, where the government has unveiled extensive stimulus measures aimed at revitalizing the nation’s ailing economy. These initiatives include adjustments to mortgage rates, bringing them in line with current market rates, and a reduction in minimum downpayment requirements for second homes.
The objective of these policies is to invigorate the housing sector, a crucial component of the Chinese economy. However, Peter Berezin, Director of Research at BCA Research, cautions that these measures are more of a “rearguard action to prevent economic collapse” than a proactive strategy to bolster growth.
A daily close above $65,000, according to Kraken analysts, would solidify bullish momentum and pave the way for further price appreciation.
This bullish sentiment is further reinforced by the influx of $365.57 million into the U.S.-based spot Bitcoin ETF on Thursday, the highest daily inflow in over two months. This surge in investment has contributed to Bitcoin’s recent resurgence, propelling it from $63,121 to $66,280 within a single day.
Bitcoin’s Open Interest (OI) has seen a modest uptick of 3.5% over the past seven days, reaching $35.61 billion. However, Kraken analysts highlight a potential downside risk. Should Bitcoin fail to break above $65,000 decisively, it could trigger a retracement, with $60,000 serving as the first significant support level at risk.
Matthew Hyland, a prominent crypto analyst, underscores the significance of this bullish turn, stating that it represents a potential shift in the prevailing downtrend that has persisted for an extended period.
