What Has Driven Bitcoin to $66.5K in Bullish Market Pivot? 

Bitcoin prices reached $66,500 during late trading on Oct. 14, according to CoinGecko. It is the highest level since late September when it hit a similar price but was rejected at resistance.

The asset seems to be behaving similarly again, with resistance forcing a retrace to $65,400 during Tuesday morning trading in Asia. Analyst ‘CrediBULL Crypto’ cautioned against celebrating until there is an actual breakout, which has yet to happen.

Nevertheless, BTC is up 2.4% on the day had has made 5% since the same time last week.

Bitcoin Bulls Are Back

On Oct. 15, CryptoQuant CEO Ki Young Ju posted a chart showing that “apparent demand,” which is the difference between production and changes in inventory, is back to levels not seen since the March and April highs.

If the decrease in inventory exceeds production, or mining issuance in this case, demand is increasing, and vice versa, he explained.

#Bitcoin apparent demand is back.

h/t @jjcmoreno pic.twitter.com/82WV1s3x2r

— Ki Young Ju (@ki_young_ju) October 15, 2024

Meanwhile, HODL15Capital posted that “Uptober” has finally arrived, and BTC is showing an overall gain for this month as it has done for nine of the previous eleven Octobers. Bitcoin market sentiment has turned overwhelmingly bullish, with the Fear and Greed Index jumping into “greed” with a reading of 65.

This has been partially boosted by comments from BlackRock CEO Larry Fink, who suggested that Bitcoin could become as big as the US housing market during the firm’s Q3 earnings call. He also said he didn’t believe that either US presidential candidate would make a difference because “the utilization of [digital] assets are going to become more and more of a reality worldwide.”

Bitcoiners had already started crunching numbers and comparing the $50 trillion housing market to potential BTC price gains.

“Bitcoin will become as big as the US housing market”— Larry Fink.

That market is currently 50 Trillion. Let’s estimate 100 Trillion by 2040. That is 76x Bitcoin’s 1.3 Trillion market cap.

In other words, Bitcoin is going to 5 Million. Source: the most important person in…

— Fred Krueger (@dotkrueger) October 14, 2024

Institutional investors have also turned bullish, with US spot Bitcoin ETFs seeing their largest net inflow day since June with $556 million. Fidelity’s FBTC ETF led the pack with an inflow of $239.3 million.

Metaplanet Buys More BTC

Finally, Metaplanet – which is often called the MicroStrategy of Asia – has made another BTC purchase.

The Japanese investment firm bought 107 BTC worth $7 million on Oct. 15 bringing its total stash to 855.4 BTC worth an estimated $56 million at current prices.

.@Metaplanet_JP has purchased an additional 106.976 #bitcoin for ¥1 billion at an average price of ¥9,347,891 per $BTC. As of October 15, Metaplanet holds ~855.478 bitcoin acquired for ¥7.965 billion at an average price of ¥9,310,061 per $BTC. #メタプラネット pic.twitter.com/DsTe7yAYoY

— Simon Gerovich (@gerovich) October 15, 2024

The firm started its Bitcoin purchasing strategy in May. Its stock has surged 280% since the beginning of May and jumped around 15% this week following the purchase.