Solid buying in the Bitcoin ETFs suggests that investors expect Bitcoin to breakout to a new all-time high. Will altcoins follow?
Buyers have pushed Bitcoin (BTC) above the near-term resistance of $68,500 on Oct. 18, signaling resumption of the up move. The rally of the past few days has been backed by solid buying. United States-based Bitcoin exchange-traded funds have witnessed sharp inflows of $2.1 billion in the past five trading days, per Farside Investors data. That has pushed the total net inflows to more than $20 billion, according to Bloomberg senior ETF analyst Eric Balchunas.
However, there is no consensus among analysts about Bitcoin’s short-term price action. Some believe that the surging Bitcoin futures open interest is a cause for concern, as that could result in a sharp pullback. On the other hand, Coinglass said that the increase in open interest “signals a significant price movement ahead.”
Crypto market data daily view. Source: Coin360
