#BTCBreaks66000

Bitcoin bounces back to $66K; ETF demand soars – But will the rally last? Bitcoin returns to the $66K mark for the first time in over a month and the price is seen fluctuating near the $66,010 price. The flagship cryptocurrency surged by 3.26% in the last 24 hours and managed to recover approximately 15% of its loss since July lows.

The latest upswing seems to be attributed to fresh institutional appetite.

Demand from institutional products that invest in Bitcoin ETFs reemerged forcefully this past week, reaching over $1.2 billion in net inflows. Notably, Blackrock's IBIT ETF received $116.5 million inflows in just one day, proving the traditional appetite hasn't waned away. Furthermore, regulatory advancement appears to be gaining pace as the CLARITY Act surpassed another significant roadblock over ethical clauses paving the way for a Senate vote as further optimism spreads for a comprehensive crypto regulatory framework. Technically, Bitcoin appears to have broken through its weeks-long downtrend channel, giving chart watchers more conviction.

The next target range is between $67,400 to $68,000, and an attempt to clear this range could bring about further upward movement.

In addition, there's a considerable amount of $523 million in shorts lying near the $66,000 region that would likely be liquidated with a price move higher, fueling further momentum. Yet, it's imperative to exercise a degree of caution, the 24-hour volume in Bitcoin is down by 4.2%. The summer market lethargy still hasn't completely vanished.

The price for Bitcoin has approached a point of decision where ETF inflows and overall sentiment are offering support but is lacking decisive trading volumes to validate an outright move ahead. Do you think $BTC will go on to break the $68,000 area or we need more momemtum in the market?

‍#CryptoMarket #GateSquare