The price of Bitcoin has just crossed the $70,000 milestone for the first time since June 10 following two strong weeks of inflows into the United States spot Bitcoin exchange-traded funds (ETFs).
Bitcoin (BTC) jumped by 3% in the last day to a high of $70,150 on Oct. 28 before falling back below $70,000, TradingView data shows.
Bitcoin’s change in price over the 24 hours. Source: TradingView
Its gains come alongside another notable rise in inflows into Bitcoin ETFs. As CoinShares reported, Bitcoin funds recorded $920 million in inflows for the week ending Oct. 25, bringing year-to-date inflows to $25.4 billion.
This followed a large steak of inflows into the 11 US spot-based ETFs for the week ending Oct. 18, accumulating over $2.1 billion in net inflows, according to Farside Investors.
Several crypto traders also claim Bitcoin saw a “golden-cross” — a bullish chart pattern in which its 50-day moving average crosses above its 200-day long-term moving average — indicating potential for a price breakthrough.
#BITCOIN GOLDEN CROSS ALERT!🚨 pic.twitter.com/d9fKlKkWud
— Crypto Rover (@rovercrc) October 28, 2024
Related: 3 signs Bitcoin’s 'parabolic phase' with a $250K target is about to begin
Bitcoin briefly fell to a local low of $66,510 on Oct. 25 after reports emerged that stablecoin issuer Tether was being probed by the US Department of Justice.
However, Bitcoin’s price recovered as Republican candidate Donald Trump has gained over 32 percentage points on Vice President Kamala Harris to take out the Nov. 5 US presidential election, Polymarket data shows.
Trump’s favoritism isn’t reflected in the voter polls though, with FiveThirtyEight Interactive poll showing Harris has a 1.3 percentage point lead over the former US president.
Bitcoin’s price has likely benefited from Iran not returning fire at Israel following its Oct. 26 attack.
Bitcoin is now 5% away from its March 13 all-time high of $73,679 and is at its highest price since mid-May, pushing above a range-bound trading pattern that has seen it mostly stay between $55,000 and $65,000.
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