Bitcoin has been the buzz of the town lately as it continues to push past key price levels, leaving many to wonder how high it can go. Current technicals and fundamentals indicate that the latest rally has solid foundations, and there are good reasons to think there’s more upside ahead for the leading cryptocurrency.
The latest rally has been fueled by different on-chain sentiments ranging from whale accumulation to the increase in Bitcoin whales. Two of the most important market factors fueling this rally are spot Bitcoin exchange-traded funds (ETFs) and the increase in CME margins, according to analysts at QCP Capital, a crypto asset trading firm.
Strong Inflows Into Spot Bitcoin ETFs Driving Demand
Most of Bitcoin’s price action since October 2023 has been centered around spot Bitcoin ETFs, giving investors an easy way to gain exposure to the leading cryptocurrency. Notably, the price of BTC has doubled since BlackRock’s first filing for a spot Bitcoin ETF.
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