Bitcoin Price Analysis - Bitcoin Pumps Past $72,000 Ahead of US Election

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Bitcoin's price has once again surged, surpassing the $70,000 mark for the first time since June. The largest cryptocurrency by market capitalization has risen 3% within the day, reaching $72,000.

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🚀BTC breaks $72 000 ~2,5% left to ATH 🔥🔥🔥🔥

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This ascent follows renewed investor interest in the recently approved exchange-traded funds (ETFs), offering institutional investors—previously hesitant to acquire Bitcoin on exchanges—a regulated avenue for crypto exposure.

This month, investors have directed billions of dollars towards these new investment vehicles, marking a resurgence following a pause earlier this year.

These products have been a massive hit, pulling in over $20 billion this year alone. Leading the pack is BlackRock’s iShares Bitcoin Trust, the top performer among the ten available options.

Bitcoin hit a fresh record of $73,737 back in March, just two months after the Bitcoin ETFs got the green light.

Geopolitical Factors Affecting Bitcoin

However, the asset faced some bumps afterward due to geopolitical tensions in the Middle East and uncertainty around the U.S. Federal Reserve’s stance on high interest rates. 

Last month, though, the Fed cut rates, bringing back investors’ appetite for “risk-on” assets like Bitcoin. Lower rates make it cheaper to borrow, which tends to favor these types of investments. It’s not just Bitcoin on the rise—Ethereum has also surged today, now reaching $2,566.

In a post on X, Bitcoin analyst Crypto Rover declared:

Bitcoin Whale Activity

As onchain insights from Santiment revealed, whales seemed to have taken advantage of the sideways price action that happened few weeks ago, where they recorded atleast 1.9% increase in whale entities—wallets holding 100 Bitcoin or more—over the past two weeks.

This week, Bitcoin has been steadily climbing toward the key resistance level of $70,000, indicating sustained demand at higher price points.

The upward-sloping moving averages and the relative strength index (RSI) in positive territory indicate that buyers are currently in control. Although the $70,000 level may serve as a resistance point, it is likely to be surpassed. If this happens, the BTC/USD pair could reach $75,000, where sellers are expected to apply significant pressure.

The 20-day EMA at $66,452 serves as a critical support level on the downside. A drop below this level would indicate weakening bullish momentum. If the bears manage to push and hold the pair below $65,000, they will likely regain control.

Final Take

Bitcoin (BTC), currently at $71,446, has kicked off the week on a positive note, with buyers driving the price above the $69,000 resistance level. This breakthrough indicates that the upward trend remains strong.

A key factor behind Bitcoin's robust performance has been substantial inflows into U.S. Bitcoin exchange-traded funds (ETFs). According to Bitcoin analyst Alessandro Ottaviani in a recent post on X, Bitcoin ETFs have attracted $3 billion in inflows over the past two weeks.

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