Today’s Bitcoin (BTC) 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 cryptocurrency.
Trading Days and Price Analysis
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.
Record ETF Inflows Drive Momentum
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.
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.
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.
