Over the past 30 days, Bitcoin has surged nearly 10%, and the market is looking highly optimistic. Since October 11, Bitcoin has been on a steady rise, closely following consistent positive inflows into the Bitcoin Spot ETF market. At the same time, key technical indicators suggest a possible “golden cross,” which often signals more gains ahead.
So, what’s behind Bitcoin’s latest price jump? Let’s explore.
At the beginning of October, Bitcoin was priced at $60,818.09, but it dipped slightly to $60,648.15 the next day. Between October 2 and 10, the market saw mostly sideways movement without much action. However, on October 10, buying pressure began to build, helping Bitcoin break out of its consolidation phase.
Between October 11 and 18, Bitcoin experienced strong growth, jumping by 13.41%. Currently, Bitcoin sits at $68,400, marking a solid 12.46% gain for the month. This bullish momentum seems well-supported, and market sentiment is increasingly positive.
Since October 11, the Bitcoin spot ETF market has seen no negative next inflow. On October 11, the total Bitcoin Spot ETF Net Inflow was +253.60M – the lowest in the series of six consecutive positive inflows since that day. The highest Net Inflow of +555.90M was recorded on October 14. Yesterday, the market reported a positive net inflow of +273.70M -the second lowest. On the day the Bitcoin Spot ETF market recorded the week’s highest inflow, the price of BTC jumped sharply by around 5.13%.
While these inflows aren’t the only factor driving Bitcoin’s price, they seem to play a significant role in supporting the rally.
Another key indicator is the recent rise in active Bitcoin addresses, which suggests growing interest in Bitcoin trading. More active addresses typically signal increased market participation, which often pushes prices higher.
A promising technical signal is the possible formation of a “golden cross.” By applying the 30-day and 365-day moving averages, there is a potential for the 30-day average to cross above the 365-day average soon. A golden cross is generally seen as a sign of further positive momentum in the market.
With Bitcoin’s price climbing steadily and key technical indicators pointing to further gains, the market seems primed for more growth. ETF inflows, rising active addresses, and a potential golden cross are all signals that this bullish trend could continue.
Bitcoin investors may have more to look forward to in the coming weeks. Are you excited?
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