Key Points
- Bitcoin shows resilience against downside, with ETFs accumulating, raising the probability of a $70,000 price.
- Despite high volatility and leveraged longs liquidations, robust demand keeps the cryptocurrency on track for growth.
Bitcoin [BTC](https://www.btcnews.com/price/bitcoin/) is demonstrating a strong resistance to downside pressures, even in the face of leveraged longs liquidations. This resilience is coupled with an accumulation of Bitcoin ETFs, raising the prospects of the cryptocurrency reaching a $70,000 price point.
Just a few weeks ago, Bitcoin struggled to maintain a price above $60,000. However, a noticeable shift in the market dynamics has now made it easier for bulls to push the price higher.
Robust Demand and Momentum
Over the past six days, Bitcoin has shown strong demand, indicating that the bulls are back in control after a cooling off period in the first 10 days of October. This suggests that Bitcoin is building on the same momentum that was evident in September, and a $70,000 price tag could be on the horizon in the coming days or weeks.
Despite a wave of sell pressure pulling the price back just shy of the $68,000 level in the last 24 hours, Bitcoin demonstrated its resilience with a resurgence in demand that pushed the price back up.
Bitcoin’s Resilience Amid Volatility
Bitcoin’s extreme volatility during Tuesday’s trading session suggested a leverage shake-off, with its Open Interest at a historic high and the estimated leverage ratio also reaching a new local high. High leverage and corresponding open interest usually set the stage for liquidations, particularly during times of extreme optimism. However, this was not the case during Tuesday’s trading session.
Despite long liquidations peaking at $88.9 million on 15 September, demand quickly rebounded, pushing the price back above $67,000. This outcome confirmed the growing optimism in Bitcoin’s ability to capture more gains.
Accompanying this demand resurgence was heavy accumulation by Bitcoin ETFs, with recent reports showing over $500 million worth of BTC accumulated in the last 24 hours. Similar accumulation was observed on 14 October, indicating that institutional demand is also leaning bullish.
This robust demand and accumulation explain why Bitcoin is resisting downside pressures and support expectations that the price will likely push above $70,000 soon. Furthermore, the upcoming U.S. elections could serve as a major catalyst, potentially adding more fuel to the rising BTC prices.