Bitcoin Surpasses $70,000 Amid ‘Golden Cross’ Formation and Strong ETF Inflows

Bitcoin price just crossed $70,000 for the first time since June 10, following two weeks of strong inflows into Bitcoin ETFs in the United States.
Last night, Bitcoin price spiked to a high of $70,240 before losing momentum and falling to $69,863 at the time of writing.

The surge coincided with a surge in investment into Bitcoin ETFs. A report from CoinShares showed that Bitcoin funds attracted $920 million in the week ending October 25, bringing the total inflows this year to $25.4 billion.
This comes after 11 Bitcoin ETFs in the United States recorded a total of more than $2.1 billion in net inflows in the week ending October 18.
Many traders also pointed out that Bitcoin is forming a “golden cross” – a bullish chart pattern in which the 50-day moving average crosses above the 200-day moving average, indicating an upcoming price breakout.

Bitcoin fell to a local low of $66,510 on October 25 following news that stablecoin issuer Tether was under investigation by the U.S. Department of Justice . However, the price of Bitcoin rebounded sharply as Republican candidate Donald Trump led Vice President Kamala Harris by more than 32 percentage points in the U.S. presidential election on November 5, according to data from Polymarket.
While Trump’s support is not reflected in the polls, with FiveThirtyEight Interactive showing Harris leading by 1.3 percentage points, Bitcoin’s price is still likely to benefit from geopolitical stability after Iran’s lack of response to Israel following the October 26 attack.
Bitcoin is currently just 5% away from its all-time high of $73,679 recorded on March 13 and is at its highest level since mid-May, surpassing its usual trading range of $55,000 to $65,000.