After slipping to $65,000 on October 23, Bitcoin (BTC) rebounded above $67,000 early on Thursday, October 24. The world’s leading cryptocurrency is attempting to restore bullish momentum on the hourly chart, following resistance near the $69,000 mark over the past two weeks.
Bitcoin has continued to demonstrate an upward trend with higher highs and higher lows since the crypto market correction on August 5, indicating a positive trajectory.
Technical Indicators Signal a Potential Bull Run
From a technical perspective, Bitcoin is on the cusp of a potential parabolic rally, driven by rising institutional involvement. Historical data shows that Bitcoin tends to gain significant momentum after extended periods of consolidation. Having consolidated for over 30 weeks since March, the cryptocurrency could be on the verge of another breakout.
However, any sustained drop below the key support level of $60,000 could trigger bearish sentiment, potentially halting the current upward trajectory in the short term.
In the long run, Bitcoin’s upcoming halving event, combined with increasing mainstream adoption of digital assets, is expected to further bolster bullish sentiment—mirroring trends seen in previous bull markets.
Institutional Investors and Whales Boost Accumulation
Demand for Bitcoin from institutional investors has reached unprecedented levels in recent months. Both new and seasoned investors—often referred to as “whales”—are aggressively accumulating BTC to hedge against global economic uncertainties.
In the past week alone, the total supply of Bitcoin held on centralized exchanges (CEXs) decreased by more than 41,000 BTC, hitting a multi-year low of approximately 2.39 million BTC. This reduction is largely attributed to increased purchasing activity by issuers of spot BTC ETFs.
Leading the charge is BlackRock’s IBIT, which recorded $317 million in cash inflows on Wednesday, October 23. The fund now manages approximately $26.24 billion in assets under management (AUM), reflecting heightened interest from investors seeking exposure to Bitcoin.
Macroeconomic Factors Support a Favorable Market Outlook
Bitcoin’s recent price movements align closely with broader market trends, reflecting bullish sentiment seen in gold and major equity indices. The evolving macroeconomic landscape—characterized by interest rate cuts in several key regions—has been favorable for Bitcoin and the overall crypto sector.
Notably, the Beige Book report released on October 23 hinted at a possible interest rate cut by the U.S. Federal Reserve in early November, following the upcoming election. The Fed’s potential move aligns with similar rate cuts implemented by other major economies, including Canada, China, and Europe, as they seek to stimulate growth.
Outlook: Long-Term Growth Expected
Most analysts believe Bitcoin is well-positioned for sustained growth regardless of the outcome of the U.S. presidential election. However, the market will be watching key appointments—such as the next SEC Chair and Treasury Secretary—closely, as these roles could significantly influence the regulatory environment for digital assets.
With institutional participation rising, macroeconomic conditions shifting, and Bitcoin’s next halving event approaching, the outlook for BTC remains broadly optimistic, signaling potential for further price appreciation in the coming months.
 Surges Above $67K as BlackRock’s IBIT ETF Leads Spot Market Inflows){kind=link}
