Futures and ETFs Push Bitcoin to New Heights

The Bitcoin Rush Won't Stop: What's Driving This Historic Rally?

Bitcoin hits a new milestone by trading at $72,353.66, marking a 3.40% increase in its value. This rise is due to a surge in futures open interest driven by speculation and a significant inflow of capital into Bitcoin ETFs. These instruments have registered more than $1 billion in the last four days.

Bitcoin trades near new all-time highs in a market driven by futures and ETFs.

Bitcoin Rally Driven by Futures and ETFs

The recent surge in the price of Bitcoin is driven by a new all-time high in BTC futures open interest. This phenomenon reflects a renewed speculative interest in the market, which is accompanied by a positive net flow into Bitcoin ETFs for four consecutive days, accumulating more than $1 billion. This movement is supported by a trading volume that almost doubles the average of the last 25 days, according to short-term charts.

Spot Market and Macroeconomic Factors

The Bitcoin spot market is also experiencing significant growth. It has seen a positive net capital flow of nearly $420 million over the past 24 hours, according to data from Coinglass. This momentum is helped by the slowdown in the US dollar, following the release of mixed US labor data. While consumer confidence exceeded expectations, the number of job openings is lower than expected, creating uncertainty about the US economy.

Technical Analysis: Bitcoin Near All-Time Highs

Bitcoin managed to consolidate above $68,500, testing resistance at $72,000. The cryptocurrency remains in a short-term uptrend, breaking above the EMA25, EMA50, and EMA200 moving averages. During the day, BTC reached a high of $73,620.12, with the RSI in the overbought zone at 75.89 points, but maintaining bullish momentum. Over the past year, Bitcoin has accumulated gains of 109.63%.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.