{"id":817640,"date":"2025-01-06T10:13:33","date_gmt":"2025-01-06T16:13:33","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/06\/bitcoin-spikes-to-71500-4-away-from-all-time-high\/"},"modified":"2025-01-06T10:13:33","modified_gmt":"2025-01-06T16:13:33","slug":"bitcoin-spikes-to-71500-4-away-from-all-time-high","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/01\/06\/bitcoin-spikes-to-71500-4-away-from-all-time-high\/","title":{"rendered":"Bitcoin spikes to $71,500, 4% away from all-time high"},"content":{"rendered":"<p>Bitcoins <\/p>\n<div data-id=\"152343\" data-url=\"https:\/\/cryptobriefing.com\/bitcoin-etf-inflow-surges\/\">\n<section>\n<div>\n<p><a href=\"https:\/\/cryptobriefing.com\/bitcoin\/\" rel=\"tag\"><br \/>\n                    Bitcoin                <\/a>\n                    <\/p>\n<\/div>\n<p><span><span><a href=\"https:\/\/cryptobriefing.com\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/cryptobriefing.com\/bitcoin\/\">Bitcoin<\/a><\/span> \u00bb <span aria-current=\"page\">Bitcoin spikes to $71,500, 4% away from all-time high<\/span><\/span>        <\/p>\n<div>\n<div>\n<p><span>by<\/span><\/p>\n<div>\n<p><a data-author_id=\"29816\" href=\"https:\/\/cryptobriefing.com\/team\/vivian-nguyen\/\" rel=\"author\">Vivian Nguyen<\/a><\/p>\n<\/div><\/div>\n<p><time datetime=\"2024-10-29T03:54:11+00:00\"><br \/>\n                        Oct. 29, 2024                    <\/time>\n                            <\/p>\n<\/p><\/div>\n<\/section>\n<section>\n<h2>Bitcoins Will Bitcoin revisit its record high before Election Day?<\/h2>\n<\/section>\n<section>\n            <picture><source media=\"(min-width: 850px)\" ><img decoding=\"async\" fetchpriority=\"high\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2024\/10\/28221535\/img-7pY4zEfWwog6ShbaauzWrO5D-400x228.jpg\" alt=\"bitcoins Bitcoin spikes to $71,500, 4% away from all-time high\" title=\"bitcoins img-7pY4zEfWwog6ShbaauzWrO5D\">\n            <\/picture>\n        <\/section>\n<section>\n<section>\n<h3>Key Takeaways<\/h3>\n<ul>\n<li>Bitcoin&#8217;s recent price surge to $71,000 is closely linked to substantial inflows into Bitcoin ETFs.<\/li>\n<li>Despite market fluctuations, Bitcoin maintains a strong recovery momentum.<\/li>\n<\/ul>\n<\/section>\n<section>\n<p>Share this article<\/p>\n<\/section>\n<p>        <?xml encoding=\"UTF-8\"><\/p>\n<p>Bitcoin has rallied over 5% to $71,500 and is now within striking distance of its all-time high of $73,700. The surge comes as the US presidential election is just days away.<\/p>\n<p>According to <a target=\"_blank\" href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\" rel=\"noopener nofollow noreferrer\">data<\/a> from CoinGecko, the largest crypto asset by market cap broke the $70,000 price level on Monday after a minor correction last week, mostly driven by the escalating conflict in the Middle East and alleged regulatory scrutiny over Tether.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2024\/10\/28232930\/Screenshot-2024-10-29-101053.png\"><noscript><img decoding=\"async\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2024\/10\/28232930\/Screenshot-2024-10-29-101053.png\"><\/noscript><figcaption><\/figcaption><\/figure>\n<p>Despite a sudden drop below $66,000, Bitcoin bounced back and consolidated within the $67,000-$68,000 range over the weekend. It ultimately broke out and soared to $70,000 for the first time in over four months.<\/p>\n<p>According to seasoned trader Peter Brandt, the post-halving advance may have started and Bitcoin may be entering a bullish phase.<\/p>\n<blockquote>\n<p>\u201cThe 5-month inverted expanding triangle has now been completed. Follow through will be important. The post-halving advance may have begun. The series of lower highs and lower lows since March has come to an end,\u201d Brandt <a target=\"_blank\" href=\"https:\/\/x.com\/PeterLBrandt\/status\/1851092865188769796\" rel=\"noopener nofollow noreferrer\">said<\/a> in a recent post on X.<\/p>\n<\/blockquote>\n<p>As Crypto Briefing previously reported, certain key metrics pointed to a potential upward trend in the price of Bitcoin.<\/p>\n<p>The Bollinger Bands, an indicator used to assess price volatility, are at one of their tightest points in history. This \u201cBollinger Squeeze\u201d often precedes periods of low volatility, which can lead to <a target=\"_blank\" href=\"https:\/\/cryptobriefing.com\/bitcoin-bollinger-bands-move\/\" rel=\"\">powerful price breakouts<\/a>.<\/p>\n<p>In addition, the Miner Position Index (MPI), which measures the flow of Bitcoin from miners to exchanges, shows that <a target=\"_blank\" href=\"https:\/\/cryptobriefing.com\/bitcoin-price-rally-miners-hold\/\" rel=\"\">Bitcoin miners are currently in an accumulation phase<\/a>, while block rewards are on the rise. The combination of a low MPI and rising block rewards suggests a bullish outlook for Bitcoin. <\/p>\n<h2>Bitcoins Bitcoin ETF inflows surge and Election Day approaches<\/h2>\n<p>Demand for Bitcoin ETFs remains strong. According to <a target=\"_blank\" href=\"https:\/\/farside.co.uk\/btc\/\" rel=\"noopener nofollow noreferrer\">data<\/a> tracked by Farside Investors, US-listed spot Bitcoin ETFs recorded approximately $3 billion in net inflows in the last two weeks.<\/p>\n<p>These ETFs started this week on a high note, collectively drawing around $479 million in net capital with no outflows reported. BlackRock continued its Bitcoin buying spree, logging over $315 million in net buying on Monday.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2024\/10\/28234707\/Screenshot-2024-10-29-104647.png\"><noscript><img decoding=\"async\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2024\/10\/28234707\/Screenshot-2024-10-29-104647.png\"><\/noscript><figcaption><\/figcaption><\/figure>\n<p>Bitwise CIO Matt Hougan sees reaccelerating Bitcoin ETF inflows among key factors that could <a target=\"_blank\" href=\"https:\/\/cryptobriefing.com\/bitcoin-price-prediction-surge\/\" rel=\"\">propel Bitcoin to six-figure prices<\/a>, together with the upcoming presidential election, increasing whale accumulation, reduced Bitcoin supply post-halving, and global monetary adjustments.<\/p>\n<p>Analysts at Standard Chartered project that Bitcoin could reach approximately $73,000 by Election Day on November 5.<\/p>\n<p><html><body><\/p>\n<div class=\"ad-banner mrec-in-article\"><\/div>\n<p><\/body><\/html><\/p>\n<p>Plus, the analysts suggest that if former President Donald Trump wins the election, Bitcoin may surge to around $80,000, with a potential increase of up to $125,000 by the end of the year if Republicans secure control of Congress.<\/p>\n<p>Analysts at Bitfinex also anticipate that the US presidential election could serve as a catalyst for Bitcoin\u2019s rally, potentially <a target=\"_blank\" href=\"https:\/\/cryptobriefing.com\/bitcoin-us-election-surge\/\" rel=\"\">pushing its price beyond $73,666<\/a> due to heightened market activity and volatility surrounding the election.<\/p>\n<p>Meanwhile, several other experts believe that Bitcoin\u2019s long-term trajectory remains intact regardless of the electoral outcome.<\/p>\n<p>Steven Lubka, head of private clients at Swan Bitcoin, anticipates that Bitcoin will hit six-figure prices due to its strong correlation with fiscal and monetary conditions rather than political leadership.<\/p>\n<\/p>\n<section class=\"article-share\">\n<p>Share this article<\/p>\n<div class=\"social-icons\">\n          <button class=\"social-icon share\" data-href=\"https:\/\/x.com\/intent\/tweet?text=Bitcoin+spikes+to+%2471%2C500%2C+4%25+away+from+all-time+high&#038;url=https%3A%2F%2Fcryptobriefing.com%2Fbitcoin-etf-inflow-surges%2F&#038;via=crypto_briefing\" aria-label=\"Share on x\"><br \/>\n        <?xml version=\"1.0\" encoding=\"UTF-8\"?><br \/>\n                <svg width=\"40px\" height=\"40px\" viewBox=\"0 0 40 40\" version=\"1.1\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n                <g id=\"surface1\">\n                <path style=\" stroke:none;fill-rule:nonzero;fill:rgb(0%,0%,0%);fill-opacity:1;\" d=\"M 17.867188 0.148438 C 10.839844 0.878906 4.558594 5.507812 1.707031 12.054688 C -0.132812 16.28125 -0.441406 21.148438 0.867188 25.625 C 2.480469 31.214844 6.652344 35.933594 12.054688 38.292969 C 16.28125 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target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Home \u00bb Bitcoin \u00bb Bitcoin spikes to $71,500, 4% away from all-time high by Vivian Nguyen Oct. 29, 2024 Will Bitcoin revisit its record high before Election Day? Key Takeaways Bitcoin&#8217;s recent price surge to $71,000 is closely linked to substantial inflows into Bitcoin ETFs. Despite market fluctuations, Bitcoin maintains a strong recovery momentum.<\/p>\n","protected":false},"author":1,"featured_media":817641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4041,23602],"tags":[11476],"class_list":["post-817640","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","category-spikes","tag-bitcoins"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/817640","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=817640"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/817640\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/817641"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=817640"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=817640"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=817640"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}