Bitcoin’s price has seen significant movement recently, fueled by factors like rising Bitcoin ETF trading volumes and Bhutan’s $66 million transfer to Binance as prices reached $71,000.
In addition, U.S. President Biden’s support for Nigeria’s crypto crime initiative highlights the growing international focus on cryptocurrency regulation.
As Bitcoin’s price targets a potential peak around $76,600, analysts are closely watching for any signs of momentum shifts, especially as technical patterns indicate possible resistance ahead.
Bitcoin ETF Trading Surges as Prices Approach All-Time Highs
On October 30, Bitcoin ETFs saw a surge in trading volumes, surpassing $4.5 billion as Bitcoin’s price neared its all-time high. BlackRock’s $IBIT ETF led with $3.3 billion in volume, marking its highest daily activity in six months.
Fidelity followed with $548 million, while Grayscale, ARK Invest, and Bitwise contributed $388 million, $136 million, and $130 million, respectively.
This trading spike reflects Bitcoin’s growing acceptance in mainstream finance and increased institutional interest. Key players like VanEck, Invesco, and WisdomTree also saw significant activity.
Bitcoin’s price neared $73,000, boosting investor expectations. $115 million in short positions were canceled, highlighting risk for those betting against Bitcoin.The strong institutional participation and ETF trading volumes reinforce Bitcoin’s legitimacy, boosting investor confidence and possibly driving further price increases.
Bhutan Transfers $66M in Bitcoin to Binance as Price Hits $71K
When Bitcoin’s price exceeded $70,000, Bhutan’s government transferred $66.5 million in Bitcoin to Binance in two transactions on October 29, according to Arkham Intelligence.
This move suggests Bhutan may be capitalizing on recent price gains.
Despite this transfer, Bhutan retains about $886 million in Bitcoin reserves after covertly mining and holding the cryptocurrency for over five years.
Bitcoin holdings now make up more than 26% of Bhutan’s $2.9 billion GDP and have funded initiatives like a 50% pay raise for public employees.
Bhutan holds twice as much Bitcoin as El Salvador. Large transfers like Bhutan’s could increase market volatility.With such high-profile transfers, Bitcoin may face short-term price dips if other major holders follow suit by moving assets to exchanges.
President Biden Backs Nigeria’s Crypto Crime Initiative, Calls for Global Reform
U.S. President Joe Biden praised Nigeria’s efforts to combat cryptocurrency-related financial crimes in a recent discussion with Nigerian President Bola Tinubu.
Biden commended Nigeria for securing the release of Tigran Gambaryan, a former IRS agent and Binance compliance executive detained since February on money laundering charges. Gambaryan was released on October 24 after diplomatic efforts.
On October 23, Biden also launched the Bilateral Liaison Group on Illicit Finance and Cryptocurrencies, aiming to enhance U.S.-Nigeria cooperation against crypto-related crimes.
New U.S.-Nigeria group targets crypto financial crimes. Global crypto regulations may boost Bitcoin’s long-term stability.This collaboration reflects growing global attention on crypto regulations, potentially strengthening investor confidence in a secure, regulated crypto market.
Bitcoin Eyes $76,600 Target as ABCD Pattern Signals Potential Peak
Bitcoin is maintaining its bullish trend, trading around $72,430, with a potential completion of an ABCD pattern at approximately $76,600.
The ABCD pattern, a technical formation indicating possible price exhaustion, suggests that upward momentum could reach its peak near this level.
The 50-day EMA, currently at $69,800, offers strong support, reinforcing a bullish outlook as long as prices remain above this level.
Bitcoin Price Chart – Source: TradingviewThe Relative Strength Index (RSI) sits at 73, hinting at overbought conditions, but no major divergence from price has been observed, suggesting that gains could continue.
Key resistance levels include $73,600, $75,000, and the ABCD target at $76,600. Immediate support is noted at $71,400, with additional support levels at $70,200 and $68,800.
Conclusion: Staying above the $71,400 pivot maintains bullish momentum, though overbought RSI may suggest caution.
Key Insights:
ABCD Pattern: Completion projected near $76,600, signaling potential upward limit. RSI Level: At 73, indicating overbought conditions, possibly capping further gains. Support & Resistance: Key resistance at $73,600; strong support at $69,800 from the 50 EMA.–
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The post Bitcoin Price Analysis: Targeting $76,600 Amid Record ETF Trading, Bhutan’s $66M Binance Transfer appeared first on Cryptonews.
