Originally published on: October 28, 2024
Bitcoin has smashed through the $70,000 mark, reaching an all-time high not seen since June 10, fueled by significant inflows into United States spot Bitcoin exchange-traded funds (ETFs).
In the past 24 hours, Bitcoin surged by 3% to hit a peak of $70,150 on October 28 before dipping back below $70,000, according to TradingView data.
The uptick in Bitcoin’s price also coincides with a substantial increase in inflows into Bitcoin ETFs. Reports from CoinShares indicate that Bitcoin funds received $920 million in inflows for the week ending October 25, totaling year-to-date inflows to $25.4 billion.
Furthermore, there has been a surge in inflows into US spot-based ETFs, amassing over $2.1 billion in net inflows for the week ending October 18, as reported by Farside Investors.
Market experts have observed a “golden cross” in Bitcoin’s charts, signaling a bullish pattern where its 50-day moving average crosses above its long-term 200-day moving average, hinting at a potential price breakout.
Despite a temporary dip to $66,510 on October 25 due to concerns surrounding Tether’s investigation by the US Department of Justice, Bitcoin’s price rebounded as political dynamics in the US shifted, with Donald Trump gaining ground on Vice President Kamala Harris in pre-election polls.
The current price surge in Bitcoin is further attributed to geopolitical events such as Iran’s decision not to retaliate against Israel following an attack on October 26.
With Bitcoin hovering just 5% below its all-time high of $73,679 reached on March 13, the cryptocurrency has broken free from its range-bound trading pattern of $55,000 to $65,000, reaching its highest price since mid-May.
As Bitcoin continues to rally amid market fluctuations, investors are closely monitoring ETF inflows and global developments to gauge the cryptocurrency’s future trajectory. Stay informed with critical insights and investment opportunities through our Markets Outlook newsletter. Subscribe today for exclusive content delivered every Monday.
