BTCUSD Breaks $70000 on Upbeat Market Sentiment

BTCUSD breaks $70000 on upbeat market sentiment. It hit a high of $72103 at the time of writing and is currently trading at around $68354.

Bitcoin (BTC) price showed signs of recovery on Monday as it climbed back above the $68,000 level. The world’s largest cryptocurrency had a great start to 2024, surging to new all-time highs. However, the rally stalled last week as BTC faced strong resistance at $65,000.

After a brief pullback, BTC seems to be gathering strength once again. On Monday, it rose as high as $72,103 before trimming some gains. At the time of writing, BTC is trading at around $68,354, showing a gain of about 1.5% over the past 24 hours.

Whales Accumulation and Institutional Demand

U.S. Bitcoin ETFs have gained about 278,000 BTC since early 2024, with the majority of that coming from retail investors. In contrast, large holders, also known as "whales," have added around 670,000 BTC over the past year, showing a preference for self-custody.

Moreover, the Bitcoin long-to-short ratio has risen to 1.18, which is the highest it has been since October. This indicates that traders are becoming more bullish on the cryptocurrency. At the same time, open interest for Bitcoin futures hit a record high of $42.23 billion, showing a lot of activity and interest from both retail and institutional investors.

On Monday, U.S. spot Bitcoin ETFs saw inflows of about $472.6 million, marking the fifth straight day of increased investments. Over the past 12 trading days, total investments in these funds have reached nearly $4 billion, highlighting sustained strong demand.