Key Points
- Bitcoin’s rally continues, fueled by multiple factors including continuous inflows in BTC ETFs.
- BTC topped $77,000 amidst a bullish market, eyeing $100,000 this year.
This week, starting November 5, the US election day, Bitcoin recorded a notable rally that took the coin’s price to new ATHs, fueled by the elections’s results, huge inflows in BTC ETFs, and the latest Fed decision to cut interest rates by 25 bps.
Bitcoin Price Reached a New ATH around $77,200
At the moment of writing this article, BTC is trading above $76,000, up by 0.5% in the past 24 hours.
On November 8, BTC reached a new ATH, topping $77,200, following an ascendant trajectory during the past week, which kicked off on November 5 from levels of $69.000.
The latest Bitcoin rally was fueled by multiple factors including the US elections and the crypto market’s optimism following the results which showed Donald Trump as the winner, the latest US Fed decision to cut interest rates for the second time since 2020, and continuous flows in BTC ETFs.
US BTC ETFs Near $26 Billion Total Flows Since Inception
On November 8, the US Bitcoin ETFs recorded over $298 million in inflows, with BlackRock’s BTC ETF, IBIT, leading at over $206 million in inflows.
This marked the third inflow day in the crypto products last week, with the biggest influx day on November 7, when the BTC ETFs saw their highest inflow day since their January debut at almost $1.4 billion, according to data from SoSoValue.
The total net assets locked in the US BTC ETFs as of November 8 were almost $79 billion, and the cumulative flow in the crypto products since they were launched in the US in January, topped $25.7 billion.
Coinglass data shows that in the past 24 hours, over $35.7 million positions were liquidated in the network, over $10 million in long positions, and over $25 million in short positions.
Bullish BTC Predictions Project $100K Price Target This Year
Bitcoin’s recent price rally led to the coin breaking one ATH after another in the past week and highlights the fact that the anti-Bitcoin movement has failed. BTC’s momentum continues, with bullish predictions projecting the next price target at $100,000.
Part of the market’s optimism stems from Trump’s victory, considering that he’s been an important supporter of crypto in 2024, making important promises related to Bitcoin and the entire industry.
Yesterday, Trump also revealed his plan to dismantle the deep state in the US, exposing abuses of power and launching a major crackdown on government leakers who collude with fake news, among others.
