- Bitcoin rose 4.2% on Oct. 14, reaching an intraday high of $65,090.
- The cryptocurrency has climbed over 23% since its low in early September.
- Institutional demand for Bitcoin remains strong, with inflows totaling $406 million last week.
Bitcoin’s price rose above $65,000 on October 14, marking a continuation of its recent upward momentum. Bitcoin was trading at $64,795, up 3.3% in the past 24 hours. The price increase is part of a recovery that began in early September, with Bitcoin rising over 23% from its low of $52,546. Analysts noted that the recent surge occurred after Bitcoin successfully retested a crucial support level around $65,000. One trader, Rekt Capital, mentioned that this support area aligns with Bitcoin’s former all-time high, acting as a key point of strength for the cryptocurrency.
As Bitcoin traded above its 200-day simple moving average at $63,351, some experts expressed optimism about its short-term prospects. Bullish Traders, an independent analyst, highlighted the significance of Bitcoin breaking through this trend, indicating potential further gains. The next target, according to some, could be $71,165.
Institutional Inflows Rise as Bitcoin Shorts Liquidated
Bitcoin also saw significant inflows from institutional investors, totaling $406 million for the week, according to data from CoinShares. This marked a reversal from net outflows seen earlier in October. Blockchain equity ETFs also experienced large inflows, suggesting growing institutional interest in the asset.
Meanwhile, short traders were caught by surprise as Bitcoin’s price rally led to widespread liquidations. More than $193.2 billion worth of leveraged crypto positions were liquidated, with short Bitcoin trades accounting for over $57 million. The largest liquidation order took place on the OKX exchange, involving a BTC/USD swap worth $9.6 million.
