Why Bitcoin Price Blasted Past $66,500: Key Reasons Revealed

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Why Bitcoin Price Blasted Past $66,500: Key Reasons Revealed - NewsBTC

Quick Summary:

Several critical factors have contributed to the rally, including a short squeeze coinciding with the upcoming US elections, strong demand in the spot Bitcoin market, and substantial inflows into US spot Bitcoin Exchange Traded Funds (ETFs).#1 Short Squeeze And US Election Influence Yesterday’s price surge can be partly attributed to the liquidation of leveraged short positions.

The current rally, occurring three weeks before the US elections, suggests that history might be repeating itself, potentially leading to further price appreciation as investor optimism builds.#2 Strong Demand For Bitcoin For the first time since mid-2023, Bitcoin’s buy orders are matching sell orders in spot market order books across exchanges.

Since May 2021, sell walls had been consistently thicker than buy walls until the end of the cycle,” Young Ju shared.#3 Surge In Spot Bitcoin ETF Inflows Monday witnessed one of the highest Bitcoin ETF inflows on record, totaling $555.9 million—the largest net inflow day since June 3.