Originally published on: October 23, 2024
Despite a surge in demand from both retail and institutional investors, the price of Bitcoin is struggling to break through the $67,000 mark. Retail interest in the world’s first cryptocurrency has reached a six-month high, reminiscent of the peak in March 2024 when Bitcoin hit a new all-time high of over $73,600.
According to CryptoQuant, retail demand for Bitcoin has seen a significant uptick in the past month, with more investors showing interest in the digital asset. However, the price of Bitcoin has dropped by over 1.5% in the last 24 hours, hovering around $66,432 as of the latest data.
Institutional ownership of US-based Bitcoin exchange-traded funds (ETFs) is also on the rise, with approximately 20% of these ETFs owned by institutions, as reported in Form 13F filings with the SEC. Despite the growing interest from both retail and institutional investors, Bitcoin has struggled to surpass the $70,000 mark since July 29.
Vugar Usi Zade, the COO of Bitget, believes that the stagnant price of Bitcoin could be due to the relatively small allocation by institutions, but predicts that this will change as institutions increase their investment in the cryptocurrency.
To confirm a potential breakout, Bitcoin’s price needs to close above $66,400 on a weekly basis, according to crypto analyst Rekt Capital. Continued ETF inflows could be the key to pushing Bitcoin’s price higher, as these investments have previously played a significant role in driving the price above $50,000.
While the price of Bitcoin remains at a standstill, the growing demand from both retail and institutional investors signals optimism for the future of the world’s most popular cryptocurrency. Subscribe to our newsletter for more insights into the latest developments in the world of finance and cryptocurrency.