Bitcoin (BTC) is showing signs of a potential rally to $73,000 in October. Key on-chain metrics suggest a bullish trend for the cryptocurrency.
A spike in demand for Bitcoin Spot ETFs, which saw inflows totaling $1.11 billion last week, indicates strong interest from US investors. Major providers like BlackRock, Fidelity, and Ark recorded significant contributions.
Economic developments in the US, such as interest rate changes and inflation trends, continue to influence Bitcoin’s price. Increased accumulation by US-based investors, evidenced by the Coinbase Premium Index, has pushed BTC's price close to $65,000.
Despite the bullish sentiment, rising open interest in Bitcoin futures and options, now standing at $19 billion, poses risks. High open interest indicates increased market activity but could introduce risks for holders of long positions.
If the bullish trend continues, Bitcoin's price may establish local support at $64,312 and aim to break resistance at $67,929. Successful clearance could drive the price to $73,777.
However, readings from the Crypto Fear & Greed Index indicate an overheated market. A price correction could lower Bitcoin to $54,302, invalidating the bullish outlook.
