Hassan Maishera
TL;DR
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BTC topped the $74,000 level a few hours ago, up 3% in the last 24 hours.
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The rally comes amid the ongoing tensions in the Middle East.
Bitcoin ETF Inflows Push BTC’s Price Higher
The cryptocurrency market has opened the new weekly candle bullish, with Bitcoin hitting the $74,000 level a few hours ago.
The leading cryptocurrency by market cap is up by more than 3% in the last 24 hours, and now trades at $74,039.
The rally comes despite the heightened tension in the Middle East as the US-Iran war enters its third week.
Furthermore, strong ETF inflows and bitcoin's role as a macro hedge pushed the market into a "solid relief bounce" amid persisting geopolitical tensions. Spot bitcoin ETFs reported net inflows on all five trading days last week, totaling $767.3 million. Spot Ethereum ETFs also logged a modest weekly net inflow of $160.8 million.
The inflow into spot Bitcoin ETFs continues as analysts pointed out that Bitcoin has been showcasing its "digital gold" resilience amid Middle East tensions and oil volatility.
While speaking to The Block, Andri Fauzan Adziima, research lead at Bitrue, stated that,
"This looks like a solid relief bounce from mid-$60K lows rather than the confirmed start of a longer bull rally, upside needs sustained momentum to confirm, though cycle timing keeps $80K+ possible if inflows persist."
The analyst added that the $70,000 to $71,000 range is a key support level for Bitcoin this week. If the leading cryptocurrency breaks above the $73,000 to $74,000 zone, it could surge toward $80,000.
Altcoins Record Healthy Gains
With Bitcoin hitting $74,000, altcoins are also in the green. Cardano’s ADA led the way among the top 10 cryptocurrencies by market cap, adding 9% to its value in the last 24 hours.
Ethereum’s Ether is also eyeing the $2,300 level after adding 7% to its value since Sunday. XRP maintains its fifth position, behind Binance’s BNB, despite its 5% rally.
Thanks to the latest rally, the total cryptocurrency market cap now reads $2.52 trillion, up 3.5%.
