Originally published on: September 27, 2024
Bitcoin, currently trading at $64,820.35, is approaching a crucial turning point that has the crypto community divided. While some traders are bullish, anticipating a surge beyond the $66,000 mark, others are cautious of a potential retracement back to $60,000.
**Bitcoin’s Critical Juncture**
Amidst the speculation, Bitcoin recently broke the $65,000 barrier on Sept. 26, marking a significant milestone not seen since early August. Analysts at Kraken believe that a daily close above $65,000 could signal a bullish trend and pave the way for further gains.
**Factors Influencing Bitcoin’s Price**
With the price climbing above $66,000, Bitcoin’s open interest has also surged by approximately 3.5% over the past week, reaching $35.61 billion. However, Kraken analysts warn that a failure to decisively break above $65,000 may lead to a retracement, with $60,000 serving as a key support level to watch.
**Expert Insights and Market Sentiment**
According to crypto analyst Matthew Hyland, Bitcoin is on the verge of transitioning to the “Parabolic Upside Phase,” echoing sentiments shared by trader Rekt Capital. The market is poised for a significant move, and traders are advised to closely monitor price action for clues on the next direction.
**Institutional Interest on the Rise**
In a separate development, the total inflows for 11 spot Bitcoin exchange-traded funds in the U.S. surged to $365.7 million on Sept. 26, marking the highest influx since July and the sixth consecutive day of inflows for institutional investment products.
**Conclusion**
As Bitcoin stands at a crucial juncture, the market awaits further clues on its next move. Whether it breaks above $66,000 or retraces to $60,000 remains to be seen, underscoring the need for cautious monitoring and informed decision-making. Remember, investing in cryptocurrencies carries inherent risks, and readers are advised to conduct thorough research before making any investment decisions.
