Bitcoin’s price is approaching its highest point ever, driven by positive factors related to the U.S. election. Inflows into BTC exchange-traded funds (ETFs) have reached $868 million, with $640 million coming from BlackRock. The current price of Bitcoin is $72,437.22, showing a 2.15% increase in the past 24 hours. Its market capitalization has risen to $1.43 trillion, with a daily trading volume of $53.39 billion, indicating a significant 14.90% increase. The market cap-to-volume ratio is 3.77%, indicating strong interest in BTC trading.
The recent market conditions, particularly developments surrounding the U.S. elections, have fueled investor interest, bringing Bitcoin close to its all-time high of $73,544. Optimism about Bitcoin’s growth towards $100,000 is gaining momentum, especially with the potential for pro-crypto policies under a Donald Trump victory.
Bitcoin ETFs have contributed to the current rally, with total inflows reaching $868 million, including a significant $640 million from BlackRock alone. This marks one of the largest ETF inflows since March 12, 2024, when it reached $1.045 billion. The increasing demand for BTC ETFs may drive prices higher, potentially reaching a new record inflow soon. In contrast, Ethereum ETFs have shown limited investor interest and remain relatively inactive.
Whale activity has intensified, with large transfers of BTC being made from Coinbase to unknown wallets. One recent transfer amounted to 1,245 BTC (approximately $90 million), and another whale added 600 BTC ($43.33 million) to their holdings, accumulating a total of 2,000 BTC (approximately $144.82 million) in the past two weeks. This accumulation suggests that major investors anticipate further gains in Bitcoin’s value, putting upward pressure on its price.
Technical indicators suggest bullish momentum for Bitcoin. It faces resistance at $73,000, while support is around $70,500. Breaking above $73,000 could push BTC to new highs, while a drop below support may lead to a pullback. The Relative Strength Index (RSI) is at 77.66, indicating overbought conditions and caution for short-term traders. However, the RSI average remains above 70, reinforcing the bullish sentiment. Moving averages (9 and 21) show a crossover, a positive sign indicating continued upward momentum. Although short-term volatility is possible, the overall trend points towards further gains. Traders should closely monitor the $73,000 resistance as breaking it could signal new highs.
In other news, CME Group’s FCM approval has raised concerns in the market, prompting attention from the Commodity Futures Trading Commission (CFTC) and the Futures Industry Association (FIA).
