- Bitcoin signaled a bullish reversal after retesting the $63,193.80 support level.
- Demand for Bitcoin spot ETFs has outpaced its new supply.
Bitcoin [BTC] retested a key support level at $63,193.80. This level has previously acted as strong support, and the king coin’s ability to rebound from it suggests a potential bullish reversal.
The price movement suggests that Bitcoin has established a solid foundation for a potential bullish rally.
At press time, Bitcoin price was targeting $71,972.46, which is the next major support level in line.
Source: TradingView
As the chart shows, BTC could potentially challenge its all-time high of $73,835.57 if the aforementioned resistance level is breached.
Bitcoin Spot ETF Demand Outstrips Supply
Several bullish indicators supported the upward trend. One notable indicator was the rapid growth in demand for Bitcoin spot ETFs, which outpaced demand for supply in this post-halving period.
According to a recent tweet According to crypto analyst Ali, this increase in demand indicates a strong accumulation phase.
This imbalance between the number of available parts and the increased purchasing pressure has created an environment favorable to a further appreciation of prices.
Source: X
Solid fundamentals
The momentum surrounding Bitcoin’s market value to realized value (MVRV) further supported this positive view.
According to Glassnode, this indication suggests a continuation of BTC 2024, with investor profitability remaining positive. MVRV indicated a healthy market sentiment towards BTC in the long term.
Source: Glassnode
The same analyst had already predicted that bitcoin could rebound to $65,200, which would allow $42.16 million of the short position to be liquidated. These predictions have now come true.
Read Bitcoin [BTC] Price forecast 2024-25
At press time, the liquidation heatmap showed a bullish bias in the market, pointing to a potential bullish rally for the king coin.
Source: Coinglass
Current Bitcoin price movements, along with strong demand and positive investor sentiment, signal an upcoming bullish phase. The $63,193.80 support level is a solid stage for further gains.