Bitcoin has just reached a significant milestone, surpassing the $70,000 mark for the first time since June 10. This surge comes after two strong weeks of investments in US-based spot Bitcoin exchange-traded funds (ETFs).
On October 28, Bitcoin (BTC) saw a 3% increase, reaching a high of $70,150 before dropping back below $70,000, according to data from TradingView. This increase coincided with a notable rise in investments in Bitcoin ETFs. CoinShares reported that Bitcoin funds saw $920 million in investments for the week ending October 25, bringing the year-to-date total to $25.4 billion.
This surge in investments follows a significant increase in inflows into 11 US-based spot ETFs for the week ending October 18, accumulating over $2.1 billion in net inflows, as reported by Farside Investors. Additionally, some cryptocurrency traders have noted a “golden-cross” pattern in Bitcoin’s chart, indicating potential for a price breakthrough as its 50-day moving average crosses above its 200-day moving average.
While Bitcoin briefly experienced a dip to $66,510 on October 25 after reports of a probe by the US Department of Justice into stablecoin issuer Tether, its price recovered as Republican candidate Donald Trump gained over 32 percentage points on Vice President Kamala Harris in the lead-up to the November 5 US presidential election, according to data from Polymarket. However, this favoritism towards Trump is not reflected in voter polls, with FiveThirtyEight Interactive showing Harris with a 1.3 percentage point lead over the former US president.
Bitcoin’s price has also likely been influenced by Iran’s decision not to retaliate against Israel following an attack on October 26. As a result, Bitcoin is now just 5% away from its all-time high of $73,679 from March 13 and is at its highest price since mid-May, breaking out of a range-bound trading pattern that had seen it mostly between $55,000 and $65,000.