Tuesday, February 18, 2025

Bitcoin Demand Surges, Price Struggles to Break $67K Resistance

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Originally published on: October 23, 2024

Despite a surging demand from retail and institutional investors, Bitcoin is facing challenges in gaining momentum and breaking the $67,000 resistance level.

Retail demand for Bitcoin has reached its highest point in over six months, echoing levels seen in March 2024 when the cryptocurrency hit a new all-time high above $73,600. This surge in retail interest has been highlighted by onchain intelligence firm CryptoQuant, indicating a significant increase in demand from retail investors.

However, the price of Bitcoin has experienced a slight decline of over 1.5% in the past 24 hours, hovering around $66,432 as of Oct. 23. This stagnation in price movement has been ongoing since July 29, with Bitcoin struggling to surpass the $70,000 psychological barrier.

Institutional ownership of US-based spot Bitcoin exchange-traded funds (ETFs) is on the rise, with approximately 20% of these ETFs being held by institutions, according to recent Form 13F filings with the US Securities and Exchange Commission. More than 1,179 institutions have invested in Bitcoin ETFs in the past 10 months, indicating a growing interest from institutional investors.

The Chief Operating Officer of Bitget, Vugar Usi Zade, believes that the relatively small allocation of institutions in Bitcoin is impacting its price movement. However, he anticipates that increasing institutional participation is inevitable and could lead to significant price appreciation for Bitcoin. Continued institutional adoption is crucial for Bitcoin to reach new all-time highs.

To confirm a potential breakout, Bitcoin needs a weekly close above $66,400, according to crypto analyst Rekt Capital. This milestone would require sustained ETF inflows, as US BTC ETFs have historically played a major role in pushing the price of Bitcoin above key levels.

In conclusion, while demand for Bitcoin is on the rise from both retail and institutional investors, the cryptocurrency is facing challenges in breaking through the $67,000 resistance barrier. Continued institutional adoption and sustained ETF inflows could be the catalysts needed for Bitcoin to reach new price highs in the near future.

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