Bitcoin Bulls Drive Price Near All-Time High Amid ETF Inflows

• Bitcoin’s price nears its all-time high, driven by favorable U.S. election factors.
• BTC ETF inflows hit $868 million, with $640 million from BlackRock.

Bitcoin’s current price stands at $72,437.22, reflecting a 2.15% increase in the past 24 hours. Its market cap has risen to $1.43 trillion, with a daily trading volume of $53.39 billion, marking a significant 14.90% increase. The market cap-to-volume ratio is 3.77%, signaling solid interest in BTC trading. 

Yesterday, Bitcoin neared its all-time high of $73,544, as market conditions, especially political developments surrounding the U.S. elections, bolster investor interest. With Donald Trump’s potential victory promising pro-crypto policies, optimism around Bitcoin’s growth toward $100,000 is gaining momentum.

Bitcoin ETFs have added further fuel to the current rally. Total inflows reached $868 million today, with $640 million from BlackRock alone, marking one of the most significant ETF inflows since March 12, 2024, when it hit $1.045 billion. Growing demand for BTC ETFs may drive prices higher, potentially setting a new record inflow soon. In contrast, Ethereum ETFs remain relatively inactive, showing limited investor interest.

Technical Indicators Signal Bullish Momentum

Whale activity has also intensified, with 1,245 BTC (approximately $90 million) recently moved from Coinbase to an unknown wallet. Recently, a whale added another 600 BTC ($43.33 million) to their holdings, bringing their total accumulation to 2,000 BTC (approximately $144.82 million) over the past two weeks. This whale currently holds an unrealized profit of $6.3 million.

This massive transfer hints at accumulating sentiment among large investors, likely due to expectations of further gains in Bitcoin’s value. Such whale actions often suggest that influential holders anticipate favorable market moves, adding upward pressure on BTC’s price.

Technical indicators reveal critical support and resistance levels. Bitcoin faces resistance at $73,000, while support lies around $70,500. A breakout above $73,000 could push BTC to new highs, while a drop below support might initiate a pullback. The Relative Strength Index (RSI) stands at 77.66, indicating overbought conditions, suggesting caution for short-term traders. 

The RSI average remains above 70, reinforcing bullish sentiment. Moving averages (9 and 21) indicate a crossover, a positive sign suggesting continued upward momentum. While short-term volatility is possible, the overall trend points toward further gains. Traders should watch the $73,000 resistance closely, as breaking it could signal new highs.

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