Bitcoin has reached a major milestone, surpassing the $70,000 mark for the first time since June 10. This surge in price comes after two weeks of significant inflows into US spot Bitcoin exchange-traded funds (ETFs).
According to TradingView data, Bitcoin (BTC) experienced a 3% increase in value, peaking at $70,150 on October 28 before slightly dropping below the $70,000 threshold.
This upward movement in price coincides with a notable increase in inflows into Bitcoin ETFs. CoinShares reported that Bitcoin funds received $920 million in inflows for the week ending on October 25, bringing the year-to-date inflows to a total of $25.4 billion.
Additionally, the week ending on October 18 saw the largest influx of funds into the 11 US spot-based ETFs, accumulating over $2.1 billion in net inflows, as reported by Farside Investors.
Some cryptocurrency traders have also identified a bullish chart pattern known as a “golden-cross” in Bitcoin’s performance. This pattern occurs when the 50-day moving average of Bitcoin’s price surpasses its 200-day long-term moving average, indicating the potential for a price breakthrough.
Bitcoin experienced a brief dip to $66,510 on October 25 following reports of an investigation into stablecoin issuer Tether by the US Department of Justice. However, the cryptocurrency’s price rebounded as Republican candidate Donald Trump gained a significant advantage over Vice President Kamala Harris in the run-up to the November 5 US presidential election, according to Polymarket data.
It is worth noting that Trump’s favorability is not reflected in voter polls, with the FiveThirtyEight Interactive poll showing a 1.3 percentage point lead for Harris over the former US president.
Furthermore, Bitcoin’s price may have been positively impacted by Iran’s decision not to retaliate against Israel after an attack on October 26.
With the current price surge, Bitcoin is now only 5% away from reaching its all-time high of $73,679, which was achieved on March 13. This recent increase in value brings Bitcoin to its highest price since mid-May, breaking free from its previous trading range of $55,000 to $65,000.