Bitcoin has soared past the $70,000 mark, hitting its highest level since June 10. This significant rise follows two strong weeks of investment inflows into US-based Bitcoin exchange-traded funds (ETFs), which have driven substantial market enthusiasm and demand for the cryptocurrency.
ETF Inflows Boost Bitcoin’s Price Rally
Bitcoin briefly reached $70,150 on October 28, though it later dipped slightly below the $70,000 threshold, according to TradingView data. This recent price increase aligns with a surge in Bitcoin ETF inflows. CoinShares reported that for the week ending October 25, Bitcoin funds saw a substantial $920 million influx, bringing total year-to-date inflows to an impressive $25.4 billion. This follows a record-setting week for US-based spot Bitcoin ETFs ending on October 18, during which they accumulated over $2.1 billion in new investments.
Bullish Signals: “Golden Cross” and Strong Investor Demand
Analysts and crypto traders have also highlighted a recent “golden cross” on Bitcoin’s chart—a bullish indicator where the 50-day moving average crosses above the 200-day moving average. This technical signal typically points to further price growth, adding to the optimistic sentiment surrounding Bitcoin’s recent performance.
While the cryptocurrency briefly dropped to a local low of $66,510 on October 25, following news of a US Department of Justice probe into stablecoin issuer Tether, it quickly recovered. Additional factors contributing to Bitcoin’s upward momentum include investor speculation around geopolitical stability and US political developments.
Bitcoin Nears Record High, Eyes $73,679 Benchmark
Currently, Bitcoin is within 5% of its all-time high of $73,679, achieved in March. This recent movement breaks Bitcoin out of a prolonged price range between $55,000 and $65,000, signaling renewed potential for further gains. If market momentum continues, Bitcoin may soon challenge its record price and set new highs amid a wave of investment optimism and robust ETF support.
