Bitcoin

Momentum

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-surges-to-64000-as-etf-inflows-escalate">Bitcoin Surges to $64,000 as ETF Inflows Escalate</a><br></p>
<p style="text-align: justify">Today’s <a href="https://en.bitcoinhaber.net/bitcoins-critical-threshold-and-market-consolidation-analyst-insights-and-etf-speculations">Bitcoin</a> (<a href="https://en.bitcoinhaber.net/blackrock-targets-affluent-boomers-with-new-bitcoin-etf-ad-campaign">BTC</a>) price soared to a peak of $64,000, powered by robust inflows into Bitcoin ETFs, signaling a strong uptrend. Despite this surge, historical patterns indicate that surpassing the $64,000 mark has been a rare achievement for the <a href="https://en.bitcoinhaber.net/three-altcoins-that-could-outperform-bitcoin-if-december-brings-positive-sentiment">cryptocurrency</a>.</p> 
<h2 id="trading-days-and-price-analysis">Trading Days and Price Analysis</h2> 
<p style="text-align: justify">Glassnode’s recent data reveals that in its trading history spanning over 4,973 days, Bitcoin’s end-of-day value has only exceeded $61,000 on 31 occasions. As the cryptocurrency approaches its all-time highs, the likelihood of sustaining these levels seems slim, given historical tendencies for post-rally declines. Spot Bitcoin ETFs, however, are experiencing a notable uptick this week.</p> 
<h2 id="record-etf-inflows-drive-momentum">Record ETF Inflows Drive Momentum</h2> 
<p style="text-align: justify">A testament to the rising investor interest, Bitcoin ETFs attracted a substantial inflow of $520 million on Monday, followed by another $577 million on Tuesday, as reported by Glassnode. This increase in inflow, including a significant contribution from BlackRock’s iShares Bitcoin ETF, correlates with Bitcoin’s price hike to $60,000. BitMEX Research highlighted that the recent inflow is the highest witnessed since 2017, with all nine spot Bitcoin ETFs recording impressive trading volumes.</p> 
<p style="text-align: justify">Despite the positive inflow trends, Tuesday marked a downturn with an outflow from Grayscale’s GBTC reaching $22.4 million. BTC’s price rally to $64,000 is short of its previous $68.6 thousand zenith by 27 months, suggesting a volatile 24-hour trading range with the lowest level at $56,329 and the highest at $64,000. Currently, Bitcoin hovers around the $64,000 mark, having increased roughly by 10% in the past day.</p> 
<p style="text-align: justify">Investors remain cautious, as the sustainability of this bullish momentum is questionable without solid supportive data. Daniel Yan from Matrixport hints at a potential correction in the near term. However, if ETF inflows continue at their current pace, pressure on Bitcoin prices could keep mounting, possibly prolonging the bull run.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-surges-to-64000-as-etf-inflows-escalate">Bitcoin Surges to $64,000 as ETF Inflows Escalate</a></h5>

Bitcoin Surges to $64,000 as ETF Inflows Escalate

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BH NEWS

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