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Join Telegram ChannelIn an extraordinary turn of events, the price of Bitcoin has surged to $71,000, marking its highest level in seven months. The cryptocurrency's resurgence follows strong capital inflows into spot ETFs over the past two weeks.
According to Cointelegraph, Bitcoin (BTC) is currently valued at around $71,278.60, reflecting a 4.7% increase in the last 24 hours, peaking at $71,450. A report from CoinShares revealed that Bitcoin investment funds saw an influx of $920 million in the week leading up to October 25, bringing the total capital invested in these funds to over $25.4 billion since the start of the year.
Bitcoin Hits $72,000
Data from Farside Investors shows that 11 spot Bitcoin ETFs saw capital inflows of more than $2.1 billion for the week ending October 18. This significant investment momentum is one of the main factors contributing to the current surge in Bitcoin prices.
Some analysts suggest that Bitcoin may be signaling a “golden cross,” a bullish pattern that occurs when the 50-day moving average crosses above the 200-day moving average, which often indicates a potential price breakout.
Despite facing a temporary dip to $66,500 on October 25 due to geopolitical tensions and rumors surrounding Tether, Bitcoin has recovered significantly. The rebound was due in part to a 32% increase in former President Donald Trump's odds of winning against Kamala Harris in Paley Market, as well as easing tensions in the Middle East.
Currently, Bitcoin price is less than 5% away from its all-time high (ATH) of $73,679, raising expectations among investors about its future performance.