Bitcoin (BTC) is showing signs of a potential parabolic rally in October. A combined reading of some on-chain metrics signals that the king coin is poised to move toward the $73,000 price mark.
The spike in demand for Bitcoin Spot ETF is a notable marker of a potential rally above $70,000. Over the past week, these funds recorded only inflows, totaling $1.11 billion.
Furthermore, shifts in the US economic environment strongly influence Bitcoin's price. The coin's price has been affected by interest rate changes, inflation trends, and employment data. Tracking US investors' activity is crucial as it often impacts BTC’s price.
US-based retail and institutional investors have been increasing their BTC accumulation, as evidenced by its Coinbase Premium Index. Increased BTC demand in the US has pushed the coin’s price toward $65,000.
Bitcoin’s rising open interest is another indicator that its price rally could continue. Currently, the open interest stands at $19 billion, rising by 26% over the past 30 days. Generally, an increase in an asset’s open interest indicates heightened market activity, which may propel prices to new highs. However, some analysts caution that this could pose risks for long position holders.
