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Bitcoin surged to $70,150 on Oct. 28, hitting a new milestone since June. This rally follows significant inflows into U.S.-based spot ETFs, totaling $920 million in a week. The gains come as market factors, including U.S. election predictions, fuel Bitcoin’s continued rise.
Bitcoin Surpasses $70,000 on Record ETF Inflows
After two weeks of record-breaking investment into US spot Bitcoin ETFs, the cryptocurrency's price has just surpassed $70,000, a level not seen since June 10.
Data from TradingView shows that Bitcoin gained 3% on the previous day, reaching a high of $70,150 on October 28th, before tumbling back below $70,000.
ETF Inflows Reach Year-Highs, Driving Market Optimism
Its gains are occurring at the same time as Bitcoin ETF inflows have seen another significant uptick, Cointelegraph notes. According to CoinShares, Bitcoin funds have received $920 million in the week ending October 25th, bringing the total inflows for the year to $25.4 billion.
The 11 US spot-based ETFs had a massive influx of capital for the week ending October 18th, with a net inflow of almost $2.1 billion, as reported by Farside Investors.
Golden Cross Pattern Signals Potential Breakthrough
The 50-day moving average of Bitcoin's price has crossed above the 200-day long-term moving average, a bullish chart pattern that several crypto traders say suggests a price breakthrough is possible.
Following news that the US Department of Justice was investigating stablecoin issuer Tether, Bitcoin experienced a temporary dip to a local low of $66,510 on October 25.
U.S. Election Speculation Adds Momentum to Bitcoin Recovery
Coincident with Republican candidate Donald Trump's 32-point lead against Vice President Kamala Harris in the US presidential election on November 5th, Bitcoin's price recovered, according to statistics from Polymarket.
But the voter polls don't reflect Trump's favoritism; a FiveThirtyEight Interactive poll shows Harris leading the former US president by 1.3 percentage points.
Global Political Stability Provides Support for Bitcoin Prices
The fact that Iran refrained from retaliating against Israel after its attack on October 26 has probably been good for Bitcoin's price.
Above a range-bound trading trend that has generally seen it remain between $55,000 and $65,000, Bitcoin is now 5% away from its all-time high of $73,679, reached on March 13. It is also at its highest price since mid-May.
