Here's Why Bitcoin Surged 20% in 3 Weeks: Can It Climb Even Higher?

After such a decline today, Bitcoin is poised to close the most bullish September in the past 13 years.

The speculation over the rally past has renewed and there is optimism over whether the growth of Bitcoin can sustain itself.

Analyzing The Effectiveness Of ETF Flows For Bitcoin Market

Inflows into spot Bitcoin ETFs remain high, as these products have amassed more than $1 billion in the last seven days, according to CryptoQuant. This upward momentum, which began on September 9 after BTC fell below $53,000 on September 7, has been registered in 13 of the last 15 days.

Thus, the time of both events is not just by chance.

From the monitoring resource, certain individuals who previously invested in spot Bitcoin ETFs have become Long-Term Holders after holding supply for more than 155 days. However, CryptoQuant has pointed out that such moves are generally unhealthy for the market, as such movements occur at the final stages of the bull market.

Unveiling the Impacts of Bitcoin’s Uptrend on Market Pattern

BTC’s 20% increase from the $53K low to just under $65,500 has taken many back to a profit, the percentage crossing 90% of early buyers when BTC/USD briefly spiked to a new high.

CQ highlighted STHs that acquired BTC at an average cost of $63k meant this range may now offer support, but selling to book minor profits could dent BTC price.

Bonus Insights: The Effect of the Market Trends by the Federal Reserve

At the same time, while studying the factors that supported the BTC growth from the beginning of September, several actions of the Federal Reserve were left out of the focus of CQ.?

As a result of the decision by the Bank of England issued on the 18 th of September to cut its interest rate by 0.5%, the price of Bitcoin went up from $59,000 to over $66,500 because when borrowing costs are low, risks such as holding Bitcoin become more attractive.

Due to increasing expectations of further rate cuts, much attention will be given to the upcoming speech of Federal Chairman Jerome Powell today, September 30. If further reductions emerge, BTC may maintain the upward movement, and by the end of the year, set a new record.