Featured image created with DALL.E, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Bitcoin experienced a significant surge, climbing from a low of $62,050 on Sunday to a peak of $66,500 late Monday. As of Tuesday, the BTC price is slightly correcting below this key resistance level, but hovering above $65,000. Several critical factors have contributed to the rally, including a short squeeze coinciding with the upcoming US elections, strong demand in the spot Bitcoin market, and substantial inflows into US spot Bitcoin Exchange Traded Funds (ETFs). #1 Short Squeeze And US Election Influence Yesterday\u2019s price surge can be partly attributed to the liquidation of leveraged short positions. Singapore-based trading firm QCP Capital writes in their latest investor note that nearly $80 million worth of Bitcoin and Ethereum leveraged shorts were liquidated, applying upward pressure on the market. While some speculate that the postponement of Mt. Gox’s repayment deadline to October 2025 played a role, this news was already published on Friday, suggesting other factors were at play during Monday’s rally. Related Reading: Bitcoin Open Interest Hits Record $19.8 Billion\u2014Is The $100K Rally About to Begin? \u201cAlthough there could be many factors that could explain today\u2019s move, it is quite an interesting time if we look at historical price action. We are in the middle of October and just three weeks away from the US elections,\u201d QCP Capital notes. In both 2016 and 2020, Bitcoin remained in a tight trading range for months before initiating a significant rally approximately three weeks before the US Election Day. In 2016, Bitcoin doubled in price from $600 by the first week of January following the election. Similarly, in 2020, it surged from $11,000 to a high of $42,000 by January. This year, October\u2014often referred to as “Uptober” due to its historically strong performance\u2014has been underwhelming, with Bitcoin up just 1.2% compared to an average of 21%. The current rally, occurring three weeks before the US elections, suggests that history might be repeating itself, potentially leading to further price appreciation as investor optimism builds. #2 Strong Demand For Bitcoin For the first time since mid-2023, Bitcoin’s buy orders are matching sell orders in spot market order books across exchanges. Ki Young Ju, Founder and CEO of CryptoQuant, highlighted this development via X: \u201cBitcoin buy walls on all exchanges are now strong enough to neutralize sell walls.\u201d This shift marks a significant change from the trend observed since May 2021. \u201cData from the last cycle (2020-2022). It’s the accumulated difference between quoted buy and sell volumes. Since May 2021, sell walls had been consistently thicker than buy walls until the end of the cycle,\u201d Young Ju shared. #3 Surge In Spot Bitcoin ETF Inflows Monday witnessed one of the highest Bitcoin ETF inflows on record, totaling $555.9 million\u2014the largest net inflow day since June 3. This substantial capital influx was spread among several major asset managers. BlackRock received $79.5 million, Fidelity attracted $239.3 million, Bitwise accumulated $100.2 million, Ark Invest saw inflows of $69.8 million and the Grayscale Bitcoin Trust (GBTC) experienced inflows of $37.8 million. Related Reading: Bitcoin Nears Key Breakout: Last Three 200-Day MA Crossings Triggered \u2018Parabolic Bull Runs\u2019 Nate Geraci, President of The ETF Store and host of the ETF Prime podcast, commented on these inflows via X: \u201cMonster day for spot btc ETFs\u2026 $550mil inflows. Now approaching *$20bil* net inflows in 10mos. Simply ridiculous & blows away every pre-launch demand estimate. This is NOT \u201cdegen retail\u201d $$$ IMO. It\u2019s advisors & institutional investors continuing to slowly adopt.\u201d At press time, BTC traded at $65,750. Featured image created with DALL.E, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":648001,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,91901,89416],"class_list":["post-647986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-why-is-bitcoin-price-up-today","tag-why-is-bitcoin-up"],"acf":[],"yoast_head":"\n
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Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.\",\"sameAs\":[\"https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons\"],\"url\":\"https:\/\/www.uniquehot.com\/author\/marcusmisiak\/\"}]}<\/script>\n","yoast_head_json":{"title":"Why Bitcoin Price Blasted Past $66,500: Key Reasons Revealed","description":"Bitcoin experienced a significant surge, climbing from a low of $62,050 on Sunday to a peak of $66,500 late Monday. 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Through his extensive work with uniquehot.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/www.uniquehot.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why Bitcoin Price Blasted Past $66,500: Key Reasons 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