Bitcoin’s price is approaching its record peak, fueled by favorable factors in the U.S. electoral landscape.
In a noteworthy development, Bitcoin ETF inflows have surged to $868 million, with BlackRock contributing a substantial $640 million. Currently, Bitcoin is priced at $72,437.22, reflecting a 2.15% increase over the past 24 hours. Its market capitalization has climbed to $1.43 trillion, accompanied by a daily trading volume of $53.39 billion, which signifies a significant rise of 14.90%. The ratio of market cap to volume stands at 3.77%, indicating strong interest in Bitcoin trading.
Just yesterday, Bitcoin drew closer to its all-time high of $73,544, buoyed by market dynamics, particularly the political developments surrounding the U.S. elections. The prospect of Donald Trump potentially winning the election and implementing pro-crypto policies has spurred optimism about Bitcoin’s ascent towards $100,000.
The current rally has been further amplified by Bitcoin ETFs. Today’s total inflows reached $868 million, with BlackRock accounting for a remarkable $640 million. This marks one of the most substantial ETF inflows since March 12, 2024, when it peaked at $1.045 billion. The increasing appetite for BTC ETFs could drive prices upward, potentially leading to a new record influx soon. In contrast, Ethereum ETFs have seen relatively low activity, indicating a lack of investor enthusiasm.
**Technical Indicators Indicate Bullish Momentum**
Whale activity has escalated, with 1,245 BTC (valued at approximately $90 million) recently transferred from Coinbase to an unidentified wallet. Additionally, a whale has recently acquired another 600 BTC ($43.33 million), boosting their total holdings to 2,000 BTC (around $144.82 million) over the last two weeks. This whale is currently sitting on an unrealized profit of $6.3 million.
This substantial transfer suggests accumulating sentiment among major investors, likely fueled by expectations of further appreciation in Bitcoin’s price. Such actions by whales often indicate that key holders foresee positive market developments, which can exert upward pressure on Bitcoin’s valuation.
Technical indicators are highlighting essential support and resistance levels. Bitcoin is encountering resistance at $73,000, while support is found around $70,500. A breakout above $73,000 could propel BTC to new heights, whereas a drop below support may trigger a pullback. The Relative Strength Index (RSI) is currently at 77.66, indicating overbought conditions and suggesting that short-term traders should exercise caution.
The RSI average remains above 70, reinforcing the prevailing bullish sentiment. Moving averages (9 and 21) show a crossover, a positive indication that suggests continued upward momentum. While short-term volatility may occur, the overall trend appears to favor further gains. Traders should keep a close eye on the $73,000 resistance level, as breaking through it could signal the onset of new highs.
**Highlighted Crypto News Today**
CME Group’s FCM Approval Sparks CFTC and FIA Market Concerns
share
