The Bitcoin (BTC) price has surged by $10,000 in the past two weeks, hovering around $65,600 in early Asian trading on Wednesday. The flagship coin briefly reached $66,000 on Wednesday, thereby retaking a key support level and ensuring future bullish momentum.
Moreover, Bitcoin price has regained support from the 50-day and 200-day moving averages (MA). With the daily relative strength index (RSI) eyeing the 70 level, buyers are in control and are expected to set new all-time highs soon,
Factors driving Bitcoin price increases
Fears of further crypto capitulation have diminished significantly after the German government completed a $2 billion Bitcoin sale over the weekend. As Bitcoin’s price surpassed $65,000, Bitcoin’s Fear and Greed Index rose to 69%, indicating greed.
Significant cash inflows into U.S. spot Bitcoin ETFs over the past two weeks have contributed greatly to the market’s ongoing rebound. On Wednesday, BlackRock’s IBIT recorded cash inflows of approximately $260 million, while the remaining issuers saw a total cash inflow of approximately $162 million.
Meanwhile, the Mt.Gox cryptocurrency repayment case has finally come to an end after a decade of court battles, which has become a good thing for the industry. According to CryptoQuants CEO Ki Young Ju, the Mt.Gox cryptocurrency repayment case was overestimated and huge investors were just waiting to take advantage of the public's fear to make money.
BTC Price Target
After completing its recent downtrend over the past two weeks, the price of Bitcoin is now attempting to retest its all-time highs above $70,000. However, to secure upward momentum, the price of Bitcoin must sustainably close above $67,000 in the coming weeks.
Otherwise, Bitcoin price might pull back and retest support above $60,000 before bouncing to new highs.
