Bitcoin reaches $66.5K amid bullish market pivot

Bitcoin (CRYPTO:BTC) surged to $66,500 on Oct. 14, reaching its highest level in over two weeks, according to CoinGecko. 

This marks a significant rise from the previous resistance seen in late September. 

However, a slight pullback to $65,400 followed during trading in Asia, with analysts urging caution until a clear breakout is confirmed. 

Bitcoin has gained 2.4% on the day and 5% since the previous week, signaling a positive shift in market sentiment. 

CryptoQuant CEO Ki Young Ju pointed out that Bitcoin's "apparent demand" has returned to levels not seen since March and April, as indicated by the difference between production and inventory changes. 

This suggests increasing demand for Bitcoin, which has further bolstered the market’s optimistic outlook. 

The uptick in sentiment has also been fueled by BlackRock CEO Larry Fink’s comments during the company’s Q3 earnings call. 

Fink highlighted Bitcoin's potential to rival the U.S. housing market in scale, predicting the growing utilization of digital assets globally. 

He expressed confidence that Bitcoin’s growth would continue regardless of the outcome of the upcoming U.S. presidential election. 

Institutional investors have also shown renewed interest in Bitcoin, with spot Bitcoin ETFs in the U.S. seeing their largest net inflow day since June, totaling $556 million. 

Fidelity’s FBTC ETF led the inflows, recording $239.3 million. 

In addition, Metaplanet, often referred to as the "MicroStrategy of Asia," added 107 BTC to its holdings, now totaling 855.4 BTC worth approximately $56 million. 

This recent purchase has contributed to a 15% increase in the company’s stock this week.

At the time of writing, the Bitcoin price was $65,425.04.