bullish

Donald Trump

Bitcoin

Momentum

<p>Bitcoin continues its spectacular rise by crossing the symbolic threshold of $71,000, propelled by massive inflows of capital into U.S. spot ETFs, which have surpassed $22 billion in net inflows since their launch.</p> 
<h2 id="h-a-bullish-dynamic-driven-by-institutional-investors">A bullish dynamic driven by institutional investors</h2> 
<p>On October 29, 2024, <a href="https://www.cointribune.com/en/bitcoin-the-start-of-a-run-toward-record-levels/" target="_blank" rel="noreferrer noopener">Bitcoin reached a new peak of $71,368</a> on major exchange platforms, its highest level since last June. This increase occurs in a context of growing adoption by institutional investors, as evidenced by the latest wave of inflows into Bitcoin ETFs.</p>
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<p>According to <a href="https://cointelegraph.com/news/bitcoin-hits-70-k-after-etfs-notch-six-day-inflow-streak?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound" target="_blank" rel="noreferrer noopener">CoinShares data</a>, the week ending October 25 recorded $920 million in net inflows, bringing the annual total to over $25.4 billion.</p> 
<p><a href="https://www.cointribune.com/en/expanding-bitcoin-etf-blackrock-exceeds-expectations/" target="_blank" rel="noreferrer noopener">The 11 U.S. spot Bitcoin ETFs continue to massively attract capital</a>, with over $2.1 billion in net inflows for the week of October 18 alone, according to Farside Investors. This trend confirms the growing appetite of institutional investors for regulated exposure to Bitcoin.</p> 
<p>Technical analysts also highlight the emergence of a “golden cross” on the charts, a historically bullish indicator where the 50-day moving average crosses above the 200-day moving average.</p> 
<h2 id="h-macroeconomic-factors-favorable-to-bitcoin-despite-the-turbulence">Macroeconomic factors favorable to Bitcoin despite the turbulence</h2> 
<p>Although the price briefly dipped to $66,510 following reports of an investigation by the U.S. Department of Justice into Tether, the market quickly rebounded. This resilience can notably be explained by the absence of escalation between Iran and Israel after the events of October 26.</p> 
<p>The U.S. political dynamic also seems to favor Bitcoin, with predictive markets giving <a href="https://www.cointribune.com/en/why-would-a-victory-for-trump-benefit-bitcoin/" target="_blank" rel="noreferrer noopener">Donald Trump</a> the edge over Kamala Harris for the November election, even though traditional polls show a tighter race.</p> 
<blockquote class="wp-block-quote"> 
 <p>The upcoming U.S. presidential election has also played a role in influencing Bitcoin’s price. With the election drawing near, the market is anticipating that the future administration, whether led by Trump or Harris, might adopt a friendlier stance toward the cryptocurrency sector. Both candidates have expressed a commitment to providing clearer regulatory frameworks for digital assets, and Trump, in particular, has actively sought support from the crypto community. This political context has further boosted positive market sentiment, adding to Bitcoin’s momentum.</p> <cite>Ryan Lee, Chief Analyst at Bitget Research</cite>
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<p>At just 5% below its historical record of $73,679 set in March, <a href="https://www.cointribune.com/en/bitcoin-nears-60-dominance-will-the-rise-continue/" target="_blank" rel="noreferrer noopener">Bitcoin is finally emerging from a consolidation period</a> that had kept it between $55,000 and $65,000, opening up new bullish perspectives.</p>

Bitcoin Crosses $71,000: A New Momentum Towards New Heights?

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