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Bitcoin rises on spot demand as analysts eye next catalysts

Bitcoin rises on spot demand as analysts eye next catalysts

GrafaGrafa2024/10/18 01:00
By:Mahathir Bayena

Bitcoin (CRYPTO:BTC) experienced a 2.2% increase, briefly reaching $68,000 before stabilizing at $67,000. 

According to QCP Capital, this rise was driven by strong spot demand and significant inflows into Bitcoin exchange-traded funds (ETFs). 

The firm observed a continued increase in options trading, with 600 contracts struck at a $120,000 price level, signaling bullish investor sentiment. 

QCP highlighted that ETF inflows have persisted for four consecutive days, with $458.54 million entering the market recently. 

This trend reflects growing confidence among investors as Bitcoin approaches its all-time high of around $74,000. 

These steady inflows point to a sustained optimistic outlook for Bitcoin, despite recent market volatility. 

Looking ahead, QCP analysts pointed to the upcoming U.S. election as a potential factor that could impact Bitcoin’s price. 

According to the firm, options expiring around the election are trading at a 10% premium compared to other contracts. 

This premium indicates that investors are preparing for potential volatility leading up to the election and its possible influence on market conditions. 

QCP concluded that if current demand trends persist, Bitcoin could see further gains, especially as broader market events, such as the election, continue to play a role in shaping investor expectations.

At the time of writing, the Bitcoin (BTC) price was $67,407.85.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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