Bitcoin (BTC) Nears All-Time High as Smaller Investors Drive Demand

Bitcoin (BTC) surged nearly 7% on October 14, 2024, bringing its price close to $66,500 as it continues to build on steady demand since April.

On October 14, Bitcoin (BTC) price surged by almost 7%, bringing it closer to the $66,500 mark amid rising demand. As the cryptocurrency approaches its all-time high, several key market indicators point toward a possible push toward record levels in the near term.

After a relatively flat September, Bitcoin has seen a steady uptick in demand since early October, contributing to a price increase of over 20%. This rise has brought the token closer to its all-time high of around $73k.

According to market data, a breakout above $66,377 on a weekly time frame is crucial for a further rally. Failing to breach this level could lead to consolidation or a slight pullback.

As Bitcoin approaches these critical resistance levels, market dynamics are shifting, with rising demand from smaller investors and retail traders playing a more prominent role in driving up the token's price.

Recent data shows the token’s demand snowballing, mainly through inflows into Bitcoin spot ETFs, which reached $257 million on October 14. This marks the highest single-day inflow since May 2022, indicating a significant shift in investor interest toward the cryptocurrency.

Moreover, smaller holders, with wallets between 10 and 1,000 BTC, have been accumulating the cryptocurrency the fastest since April. Meanwhile, larger entities, including whales, have trimmed their positions, signaling a change in market behavior where retail demand is becoming a significant driver.

This on-chain data from Santiment reveals a steady accumulation trend among smaller investors since early October, which has helped offset the profit-taking by larger holders. This increased retail activity could generate enough buying pressure to push the token past its resistance levels in the near term.

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