Bitcoin, the largest cryptocurrency, displayed strength in resisting a potential downside amid significant leveraged long liquidations. This shows a possible path towards hitting $70,000 as BTC ETFs continue to accumulate, bolstering the case for higher prices. The recent positive momentum seen in Bitcoin shows signs of returning, making it possible for BTC to exceed $70,000 in a short time.
The cryptocurrency recently demonstrated substantial volatility, pulling it just shy of the $68,000 mark, but strong demand soon resumed, helping avoid more significant downward movement. Despite the potential for a leverage shake-off, which can result in liquidations during times of high optimism, Bitcoin was able to resist.
On 15 September, long liquidations reached $88.9 million, but strong demand quickly restored the price above $67,000. The continued optimism is backed by Bitcoin ETFs, which accumulated over $500 million worth of BTC in the last 24 hours. This growing demand is an indicator of further potential for the cryptocurrency’s value.
As institutional investment continues to increase, it bolsters the belief that Bitcoin’s price could surpass the $70,000 mark in the near future. Furthermore, the upcoming U.S. elections could influence the market’s movement depending on their outcome.
