Bitcoin Breaks $70,000 Milestone Amid Record ETF Inflows and Election Buzz

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Bitcoin surged past $70,000 for the first time since June 10, marking a significant milestone fueled by robust inflows into U.S. spot Bitcoin exchange-traded funds (ETFs). According to data from TradingView, Bitcoin reached a high of $71,000 on October 29 before dipping slightly below this landmark.

This recent jump, a 3% increase in 24 hours, coincides with a wave of investments flowing into Bitcoin ETFs. In the week ending October 25 alone, Bitcoin funds saw $920 million in new capital, bringing the year-to-date inflows to a substantial $25.4 billion, as per CoinShares.

The investment surge in Bitcoin ETFs followed a record-setting week ending October 18, when U.S. spot-based ETFs drew over $2.1 billion in net inflows, according to SoSoValue. This has led many analysts to speculate that the influx of capital has played a pivotal role in Bitcoin’s price rally, which now hovers just 5% below its all-time high of $73,679 from March.

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“Golden Cross” and Political Developments

Beyond ETF inflows, market sentiment remains positive due to Bitcoin’s “golden cross” signal, a bullish chart pattern where the 50-day moving average crosses above the 200-day moving average. Traders often interpret this as a sign of potential for sustained price growth.

Additionally, Bitcoin’s rally coincides with renewed interest in the U.S. presidential election, where recent data from Polymarket shows Republican candidate Donald Trump gaining traction against Vice President Kamala Harris ahead of the November 5 election.

However, voter polls present a more complex picture, with FiveThirtyEight data indicating Harris maintains a slight edge over Trump with a 1.3 percentage point lead. The election outcome is poised to influence Bitcoin’s momentum, as many crypto investors believe Trump’s policies may favor the digital asset sector, potentially driving more investments into Bitcoin.

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Market Resilience Despite Global Tensions

Bitcoin’s recent climb comes despite a brief setback on Oct. 25, when it fell to $66,510 following reports of a U.S. Department of Justice investigation into Tether, a major stablecoin issuer. The price quickly rebounded, however, as geopolitical concerns over Iran’s response to Israel’s Oct. 26 attack remained muted.

Now trading at its highest level since mid-May, Bitcoin has broken out of a long-held trading range between $55,000 and $65,000. With continued ETF inflows, bullish technical patterns, and election speculation, analysts anticipate Bitcoin may soon reclaim or even surpass its all-time high, marking a pivotal moment for the cryptocurrency.

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