Bitcoin’s price surged to $64,700 on Wednesday, bringing the $65,000 target closer. This marked BTC’s seventh gain in eight sessions, following a one-month high on Monday after traders reacted positively to the Federal Reserve’s interest rate cut.
The U.S. Bitcoin spot ETF market also showed positive signs, with total net inflows reaching $136 million on September 24. Major funds like the Fidelity Wise Origin Bitcoin Fund (FBTC) and the iShares Bitcoin Trust (IBIT) offset losses from the Grayscale Bitcoin Trust (GBTC).
On September 24, the inflow streak continued, with Bitwise Bitcoin ETF (BITB) reporting net inflows of $17.4 million, and FBTC and BTC attracting $16.8 million and $2.9 million, respectively.
Notably, GBTC had zero net flows, while IBIT experienced its second inflow since late August, possibly driven by BlackRock’s new requirements for Bitcoin withdrawals. Additionally, BlackRock bought 1,547 Bitcoins, which may also help increase the Bitcoin price.
Consumer confidence in the U.S. has dipped, with the CB Consumer Confidence Index falling from 105.6 in August to 98.7 in September. This drop raises concerns about consumer spending, which could impact the economy and Bitcoin demand. BTC briefly fell to $62,764 during this period of uncertainty.
In Congress, SEC Chair Gary Gensler faced tough questions regarding cryptocurrency regulation. House Majority Whip Tom Emmer challenged Gensler on the SEC’s actions, highlighting recent support for clearer digital asset rules from Vice President Kamala Harris.
This bipartisan effort for clearer regulations could boost investor confidence in the crypto market. Upcoming U.S. housing data is expected to show a 5.1% drop in new home sales, potentially signaling a weaker economy that may impact consumer sentiment and Bitcoin prices.
As BTC remains well above its 50-day and 200-day moving averages, it could soon challenge the $67,500 mark. However, a drop below $64,000 could lead to bearish pressure.
Also Read: Could BTC Breakout & Hit $70,000 By September End? Bitcoin Price Prediction
