Bitcoin Price Rockets Eyeing $70,000, Is The Bull Run Near?
The post Bitcoin Price Rockets Eyeing $70,000, Is The Bull Run Near? appeared on BitcoinEthereumNews.com.
Prices in the cryptocurrency market regained strength over the weekend amid news of former US President Donald Trump’s attempted assassination. Bitcoin price rebounded above the pivotal $60,000 level and continued with the rally above $63,000 on Monday. Altcoin majors Ethereum, Solana, Cardano, and more rallied alongside BTC, affirming the bullish outlook anticipated in the second half of the year. According to CoinGecko data, ETH increased by 5.4% to $3,372, Solana by 5.6% to $153 and Cardano by a modest 2.7% to $0.44. Bitcoin AUM Records $1.35B In Inflows The latest report on assets under management (AUM) by CoinShares, revealed a significant surge in weekly fund inflows to $1.44 billion, boosting the year-to-date inflows to $17.8 billion. Bitcoin-related products, including BTC ETFs, accounted for $1.35 billion, marking the coin’s 5th largest weekly inflows. At the same time, “short-bitcoin saw the largest weekly outflows since April at $8.6m.” The total BTC AUM is currently at $65.3 billion while the cumulative AUM stands at $84.7 billion. Bitcoin price chart | Tradingview Data by SoSoValue indicated that Bitcoin ETFs saw over $310 million in net inflows on Friday, July 12. BlackRock’s IBIT and Fidelity’s FBTC came out as the strongest-performing ETFs with $120 million and $115 million daily net inflows, respectively. Bitcoin ETF stats | SoSoValue The $23 million net inflow volume in Grayscale’s GBTC is commendable and could signal reducing selling pressure. Should fund inflows continue this week, Bitcoin price would build momentum for a breakout targeting $70,000. What’s Next As Bitcoin Price Rises Above $63,000 Bitcoin price had extended the up leg above the $63,000 mark during US business hours on Monday. Hovering at $63,038, the largest cryptocurrency shows signs of a strengthening trend to close the gap to $70,000. However, BTC needs to confirm support above $63,000 and probably close the…
Filed under: News - @ July 16, 2024 6:04 am