Bitcoin’s price is approaching its all-time high, influenced by favorable U.S. election factors. Inflows to Bitcoin ETFs have surged to $868 million, with BlackRock contributing $640 million. Currently, Bitcoin is priced at $72,437.22, reflecting a 2.15% increase over the past day. Its market cap has climbed to $1.43 trillion, and daily trading volume has grown by 14.90% to $53.39 billion, yielding a market cap-to-volume ratio of 3.77%, signaling strong trading interest.
Yesterday, Bitcoin nearly reached its record high of $73,544 as U.S. election dynamics, particularly potential pro-crypto policies from a Trump victory, fueled investor confidence. Optimism around Bitcoin reaching $100,000 is intensifying.
Bitcoin ETFs have further supported the current rally, with inflows reaching $868 million today, largely driven by BlackRock’s $640 million, marking one of the largest ETF inflows since March 12, 2024. Rising demand for BTC ETFs suggests potential price gains and could lead to new record inflows. In contrast, Ethereum ETFs show minimal activity, reflecting lower investor interest.
Technical Indicators Show Strong Bullish Momentum
Whale activity has surged as well, with a recent transfer of 1,245 BTC (about $90 million) from Coinbase to a private wallet, and an additional 600 BTC ($43.33 million) added by another whale, bringing their total holdings to 2,000 BTC (around $144.82 million) over two weeks, with an unrealized profit of $6.3 million. These large transactions suggest continued accumulation among significant investors, likely based on expectations of further price increases, adding upward pressure on Bitcoin’s price.
Technical indicators point to crucial support and resistance levels, with resistance at $73,000 and support near $70,500. Breaking above $73,000 could lead to new highs, while a drop below support could signal a pullback. The Relative Strength Index (RSI) is at 77.66, indicating overbought conditions, signaling caution for short-term traders.
With the RSI average above 70, bullish sentiment remains strong, and a crossover in the 9- and 21-day moving averages suggests upward momentum. Despite potential short-term volatility, the trend appears favorable for further gains. Traders should monitor the $73,000 resistance closely, as surpassing it could pave the way for new record highs.
