Crypto Daily – After breaking through the top of its bull flag, the Bitcoin (BTC) price is now consolidating above. Will Bitcoin now go on to surpass the last swing high at $70,000, or could the bulls start to run out of steam?
Strong buying from ETFs
In recent market movements, Bitcoin () has managed to break out of the top of its long-standing bull flag and is currently consolidating above. This escalation in price could have been caused by some huge inflows into the U.S. Spot Bitcoin ETFs over the last five days, which have taken a total of more than $2.1 billion off of the market.
This sudden spike of buying from the U.S. Spot Bitcoin ETFs, together with renewed optimistic sentiment among investors, potentially leads the path open for the $BTC price to climb above the all-important previous swing high at $70,000.
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