As the fear of further crypto capitulation in the near term significantly decreased, Bitcoin’s (BTC) price continued with the recent bullish sentiments. In the past 24 hours, Bitcoin price pumped over 3 percent to reach a range of about $64.082, before sliding towards $63,787 on Friday during the early Asian session.
Consequently, the total crypto market cap gained by 2 percent to hover about $2.3 trillion at the time of this report. The altcoin industry, led by Ethereum (ETH) and Solana (So), signaled a potential bullish recovery in the coming weeks.
Bitcoin Whales Accelerates Accumulation Pace
In the past 30 days, the supply of Bitcoin in centralized exchanges declined by over 97.6k coins, led by Coinbase Pro and Binance Holdings Ltd. Despite the macro Bitcoin price correction in the past six months, the supply of BTC on CEXs has exponentially declined in the same period.
The notable decline in the Bitcoin supply of centralized exchanges can be directly associated with the cash inflows to the US spot BTC ETF.
On Thursday, the US spot Bitcoin ETF registered a net cash inflow of about $158 million, thus raising the total net assets under management to about $57.8 billion. Remarkably, none of the spot BTC ETF issuers reported a net cash outflow on Thursday, with Fidelity’s FBTC and ARK 21Shares Bitcoin ETFs (ARKB) leading in net cash inflows.
What Next?
On the #Bitcoin daily chart, the RSI has broken through a key resistance trendline, signaling a bullish breakout!
However, $BTC still needs to reclaim the 200-day moving average as support to confirm the continuation of the bull run. pic.twitter.com/d6n6j6jH0l
— Ali (@ali_charts) September 19, 2024
From a technical standpoint, Bitcoin price faces a significant resistance of around $64k, following the recent death-cross between the daily 50 and 200 Moving Averages (MAs). According to a popular crypto analyst Ali Martinez, Bitcoin price needs to consistently close above the 200-day MA to confirm a bullish continuation toward the all-time high soon.
Already, the Bitcoin bulls are well incentivized following the Fed’s rate cut, which signaled the onset of an economic shift. Furthermore, the crypto industry anticipates a further bullish rebound in October and the subsequent months.
