The price of Bitcoin has crossed the $70,000 mark for the first time since June 10, driven by two weeks of strong inflows into U.S. spot Bitcoin exchange-traded funds (ETFs).

Bitcoin surged by 3% to reach $70,150 on October 28 before slightly retreating below $70,000, as shown by TradingView data.

These gains come amid a notable increase in inflows to Bitcoin ETFs.

CoinShares reported that Bitcoin funds saw $920 million in inflows for the week ending October 25, bringing year-to-date inflows to $25.4 billion.

This followed significant inflows into the 11 U.S. spot-based ETFs for the week ending October 18, totaling over $2.1 billion in net inflows, according to Farside Investors.

Several crypto traders have noted that Bitcoin recently experienced a “golden cross”—a bullish pattern where the 50-day moving average crosses above the 200-day long-term average—suggesting potential for further price gains.

On October 25, Bitcoin briefly dropped to a local low of $66,510 after reports indicated that the U.S.

Bitcoin’s price subsequently rebounded as data from Polymarket showed Republican candidate Donald Trump leading Vice President Kamala Harris by over 32 percentage points ahead of the U.S. presidential election on November 5.

However, voter polls from FiveThirtyEight Interactive show Harris with a 1.3 percentage point lead over Trump.

Bitcoin's recent rally may also be supported by the absence of retaliatory action from Iran following Israel’s October 26 attack.

Currently, Bitcoin is just 5% below its all-time high of $73,679 from March 13, marking its highest price since mid-May and surpassing a previous trading range between $55,000 and $65,000.

Sources:

https://cointelegraph.com/news/bitcoin-hits-70-k-after-etfs-notch-six-day-inflow-streak

https://www.tradingview.com/symbols/BTCUSD/?exchange=BITSTAMP

https://blog.coinshares.com/volume-206-digital-asset-fund-flows-weekly-report-0be04a4470cf

https://farside.co.uk/btc/#google_vignette

https://x.com/alphatrends/status/1850717870587818281

https://polymarket.com/event/presidential-election-winner-2024?tid=1730150431043

https://projects.fivethirtyeight.com/polls/president-general/2024/national/