Bitcoin’s price surged to $64,700 on Wednesday, nearing the $65,000 mark. This marked BTC’s seventh gain in eight sessions, following Monday’s one-month high as traders responded positively to the Federal Reserve’s interest rate cut.
The U.S. Bitcoin spot ETF market also showed promising signs, with total net inflows hitting $136 million on September 24. Major funds such as the Fidelity Wise Origin Bitcoin Fund (FBTC) and the iShares Bitcoin Trust (IBIT) offset losses from the Grayscale Bitcoin Trust (GBTC).
On September 24, net inflows continued, with the Bitwise Bitcoin ETF (BITB) seeing $17.4 million, while FBTC and BTC attracted $16.8 million and $2.9 million, respectively.
Interestingly, GBTC saw zero net inflows, while IBIT experienced its second inflow since late August, possibly influenced by BlackRock’s new Bitcoin withdrawal requirements. Additionally, BlackRock’s purchase of 1,547 Bitcoins could further contribute to price gains.
Meanwhile, consumer confidence in the U.S. declined, with the CB Consumer Confidence Index dropping from 105.6 in August to 98.7 in September.
This decrease raises concerns over consumer spending, potentially impacting the economy and Bitcoin demand. During this period of uncertainty, BTC briefly dipped to $62,764.
In Congress, SEC Chair Gary Gensler faced tough scrutiny over cryptocurrency regulation. House Majority Whip Tom Emmer questioned Gensler’s actions, pointing to Vice President Kamala Harris’s recent support for clearer digital asset regulations.
This bipartisan push for more transparent regulations could improve investor confidence in the crypto market. Additionally, U.S. housing data is expected to show a 5.1% drop in new home sales, signaling a potential economic slowdown that may affect both consumer sentiment and Bitcoin prices.
As BTC remains above its 50-day and 200-day moving averages, it could soon aim for $67,500. However, a dip below $64,000 may trigger bearish pressure.
