Bitcoin Rallies Past ₱4,336,466 ($72,000) After Breaking ₱4,246,123 ($70,500) Resistance
Bitcoin's surge was fueled by institutional demand, with investors buying ₱96.37 billion ($1.6 billion) in Bitcoin ETF shares in one week—their best week since October, according to JPMorgan data.
Key Takeaway
Bitcoin's break above $70,500 clears the path to $75,000 if institutional ETF demand continues.
Bitcoin broke above the $70,500 resistance zone and rallied 5% to reach a high of $72,728. The surge came after the price cleared a key declining channel that had resistance at $68,800.
The rally started when Bitcoin pushed above $69,500, then accelerated through $70,500. According to data from Kraken's BTC/USD pair, the price consolidated above $70,000 before climbing past $72,000. The hourly RSI sits above 60, though the MACD is losing momentum in bullish territory.
Immediate resistance now sits at $72,000, with the first key barrier at $72,750. BitMEX co-founder Arthur Hayes and Unchained's Joe Burnett forecast Bitcoin reaching $250,000 by the end of 2025. If bulls clear $72,750, the next targets are $73,500 and $74,000, with $75,000 as the major barrier.
Institutional demand is building. Investors bought ₱96.37 billion ($1.6 billion) in Bitcoin ETF shares in one week, marking their best week since October. 21Shares crypto research strategist Matt Mena said the setup looks constructive for digital assets due to leverage clearing, policy easing, and accelerating structural demand, projecting Bitcoin targeting $150,000.
Support levels are stacked below current prices. The first support sits at $70,800, followed by $70,250 which marks the 50% Fibonacci retracement level from the swing low of $67,734 to the high of $72,728. Major support zones are at $69,500, $68,800, and $67,500.
Markets are pricing in a 95.7% probability of a Federal Reserve rate cut at the October 29 meeting, which historically benefits risk assets like crypto as investors shift from bonds.
This article was written based on reporting from NewsBTC.
