The post Bitcoin Closes the Week At $69,200, Bulls Back In Charge appeared on BitcoinEthereumNews.com.

Bitcoin ended the week with a strong weekly close at $69,200, and bulls are preparing for a push to $70,000 Bitcoin surged to $69,375 early Monday morning. As the 2024 US presidential elections approach, investor appetite for risk-on assets, including Bitcoin and other cryptocurrencies, is back. Source: Brave New Coin Bitcoin Liquid Index Market participants are gearing up for Election Day, now less than three weeks away. According to Polymarket, the odds of former president Donald Trump winning the election reached a record 60%, further driving the risk on appetite. To confirm a breakout from its sideways movement, Bitcoin needed to secure a weekly close above $68,700, according to crypto analyst Rekt Capital, which Bitcoin achieved. On X, he wrote, “We’re on the verge of confirming a breakout beyond the multi-month channel resistance. A weekly close like this would be very bullish.” Source: X Analyst Dave The Wave had similar thoughts, writing on X, “Through 70k and we be in business…” Source: X ETFs Have Hit Their Stride Today’s breakout has also been fueled by positive Bitcoin ETF inflows. On Oct. 17, Bitcoin ETFs hit a new record, surpassing $20 billion in total net flows within just 10 months of launching.  Cumulative net inflows into spot Bitcoin ETFs have now exceeded $20 billion since their launch earlier this year, setting a record as the most successful ETF debut in history. For comparison, it took gold ETFs five years to reach the same milestone. Source: X Eric Balchunas, Senior ETF Analyst at Bloomberg, highlighted the achievement on X, stating, “Bitcoin ETFs have crossed $20 billion in total net flows (the most important and hardest-to-grow metric in the ETF world) for the first time after a huge week of $1.5 billion. To put that into perspective, gold ETFs took about five years…

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Filed under: News - @ October 21, 2024 1:25 am