In a remarkable turn of events, Bitcoin’s price has soared to $71,000, marking its highest level in seven months. The cryptocurrency’s resurgence follows a robust influx of capital into spot ETFs over the past two weeks.
According to Cointelegraph, Bitcoin (BTC) is currently priced at approximately $71,278.60, reflecting a 4.7% increase within the last 24 hours, peaking at $71,450. A report from CoinShares reveals 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 beginning of the year.
Bitcoin Reaches $72,000
Data from Farside Investors indicates that 11 spot Bitcoin ETFs experienced over $2.1 billion in capital inflow for the week ending October 18. This significant investment momentum is one of the key factors contributing to Bitcoin’s current price surge.
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, often indicating potential price breakout.
Despite facing a temporary dip to $66,500 on October 25 due to geopolitical tensions and rumors surrounding Tether, Bitcoin has rebounded significantly. The resurgence can be partly attributed to a 32% increase in former President Donald Trump’s chances of winning against Kamala Harris in the Paley Market, along with easing tensions in the Middle East.
Currently, Bitcoin’s price is less than 5% away from its all-time high (ATH) of $73,679, raising expectations among investors about its future performance.
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