The post Bitcoin Bounce Back: Will It Break $63K Level As $253.6M in BTC ETFs Spark Bullish Hopes! appeared first on Coinpedia Fintech News
Bitcoin is on its way to making a strong comeback. After dropping to $59,000, BTC has climbed back above the crucial $62,000 level, capturing everyone’s attention again! Meanwhile, data from On-chain data provider CryptoQuant shows that the number of Short-Term Holders (STH) has fallen from 55%.
Besides this, spot Bitcoin ETFs have recorded a big net inflow of $253.6 million after three days of losses.
Bitcoin At Crucial Level: Will It Hold $62.7K?
As Bitcoin’s price continues to trade sideways, the spotlight is now on short-term holders (STH) and how they affect market movements. Recent analysis from CryptoQuant shows a notable drop in the realized share of STH, falling from 55% three months ago to 40% today.
STH Key Level: $62.7K – Will It Break or Hold?
“The critical STH price level is $62.7K, consistent with the 3 months. Since the market has been hovering around $62K, breaking above this key level could indicate a more positive market structure.” – By @Yonsei_dent
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— CryptoQuant.com (@cryptoquant_com) October 11, 2024
This change suggests that short-term holders are becoming more sensitive to price fluctuations, especially those who have held Bitcoin for one week to six months.
CryptoQuant further highlights that the key price level for STH is currently $62.7K. This level has been steady over the past three months, showing its importance in guiding market trends.
Meanwhile, if Bitcoin can break above $62.7K, it may signal a more positive market. Specifically, if it rises above $63K with strong trading volume, it may trigger short-term bullish momentum, encouraging more buying activity among traders
Bitcoin ETF Saw Net Inflow After 3 Days
Adding optimism into the market, on October 11, spot Bitcoin exchange-traded funds (ETFs) experienced a significant turnaround, recording net inflows of $253.6 million after three days of outflows. This inflow was largely driven by the Fidelity Wise Origin Bitcoin Fund, which led with an impressive $117.1 million.
Additionally, the ARK 21Shares Bitcoin ETF saw $97.6 million in inflows, while the Bitwise Bitcoin ETF attracted $38.8 million.
Notably, BlackRock’s iShares Bitcoin Trust (IBIT) saw no inflow that day, marking it as the third-largest inflow day without any contribution from IBIT.
