Bitcoin Price Soars as Institutions Pile into Spot ETFs

• Bitcoin once again aims to test the 69,000 price level, a major resistance.
• US Spot ETFs also witnessed close to $400 million in inflows.
• Bitcoin has surged 4.45% in the past seven days and 100% since October 2023.

Bitcoin (BTC), the world’s largest cryptocurrency with a market cap of $1.3 trillion, may be approaching a new all-time high, based on inflow data. Although it repeatedly failed to break above $70,000, strong inflows into US spot exchange-traded funds (ETFs) suggest a new all-time high is possible.

According to the data from CoinMarketCap, Bitcoin is once again making a move towards the strong resistance zone of $70,000 and is trading at $68,193.91, up 1.76% in the past 24 hours. Moreover, the digital asset is only 7.42% below its all-time high of $73,750, reached in March with the approval of spot BTC ETFs.

Moreover, US spot BTC ETFs received a substantial $402.08 million in inflows as of October 25th. BlackRock’s iShares Bitcoin Trust (IBIT) reached $291.96 million in inflows, totaling $23.99 billion in cumulative net inflows. Fidelity’s (FBTC) received $56.95 million in inflows.

In the past week, Bitcoin has risen only 0.19% while surging 4.45% in the past seven days. Further, since October 2023, BTC has skyrocketed 100.97%.

Will Bitcoin Reach a New All-Time High?

In an X post, “CryptoBusy” highlighted that institutions have started adding more Bitcoin to their stash as the capital entering the BTC market has surged. 

Read also: Bitcoin Poised for Rally as Dollar Index Weakens – Analyst

HUGE wave of liquidity and volume is entering the #Bitcoin market

They let you see FUD so you can panic sell, while institutions are buying $BTC $VET $ICP $RON $SOL $JUP $WLD $JTO $ORDI $STX $ETH pic.twitter.com/9pmHFqHXMQ

— CryptoBusy (@CryptoBusy)
October 28, 2024

In order to print a new all-time high, Bitcoin needs to break above the $70,000 resistance zone and aim towards $75,000. The market leader has witnessed a 45.30% surge in its trading volume to $21.97 billion in the past 24 hours and it seems that investors are once again turning bullish. 

The Relative Strength Index (RSI) reads a value of 62.32 which means that the bulls are overall in charge of the Bitcoin price action and the gradient of the line suggests that higher prices are possible in the short term. If buyers remain in control, chances of BTC breaking $70,000 are high.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.