Bitcoin surged past $72,000 on Tuesday after BlackRock's spot Bitcoin ETF recorded its largest ever single-day inflow of $1.2 billion. The move pushed the total crypto market cap above $2.8 trillion for the first time this month.
BlackRock ETF Records $1.2 Billion Single Day Inflow
The BlackRock iShares Bitcoin Trust saw $1.2 billion flow in during a single trading session on Tuesday. Analysts say this level of institutional buying has not been seen since the ETF first launched earlier this year.
Trading volume across major exchanges spiked 34 percent within hours of the announcement. Market makers noted unusually strong buy pressure from institutional desks throughout the entire session.
Bitcoin Price Climbs 8 Percent in 24 Hours
Bitcoin moved from $67,000 to above $72,000 within a 24 hour window following the inflow news. The rally erased losses from the previous week and set a new monthly high for the asset.
On-chain data shows long term holders did not sell into the rally. This tells analysts the move was driven by fresh demand rather than existing holders taking profits at higher prices.
Analysts Now Target $80,000 as Next Key Level
Multiple leading analysts now point to $80,000 as the next major resistance level for Bitcoin. If ETF inflows continue at the current pace, Bitcoin could reach that level within two weeks according to forecasts published this week.
The Federal Reserve rate decision on Wednesday may accelerate or slow the move. A dovish signal from the Fed would likely add further buying pressure across all major crypto assets.
Bitcoin surged past $72,000 on Tuesday after BlackRock's spot Bitcoin ETF recorded its largest ever single-day inflow of $1.2 billion. The move pushed the total crypto market cap above $2.8 trillion for the first time this month.
BlackRock ETF Records $1.2 Billion Single Day Inflow
The BlackRock iShares Bitcoin Trust saw $1.2 billion flow in during a single trading session on Tuesday. Analysts say this level of institutional buying has not been seen since the ETF first launched earlier this year.
Trading volume across major exchanges spiked 34 percent within hours of the announcement. Market makers noted unusually strong buy pressure from institutional desks throughout the entire session.
Bitcoin Price Climbs 8 Percent in 24 Hours
Bitcoin moved from $67,000 to above $72,000 within a 24 hour window following the inflow news. The rally erased losses from the previous week and set a new monthly high for the asset.
On-chain data shows long term holders did not sell into the rally. This tells analysts the move was driven by fresh demand rather than existing holders taking profits at higher prices.
Analysts Now Target $80,000 as Next Key Level
Multiple leading analysts now point to $80,000 as the next major resistance level for Bitcoin. If ETF inflows continue at the current pace, Bitcoin could reach that level within two weeks according to forecasts published this week.
The Federal Reserve rate decision on Wednesday may accelerate or slow the move. A dovish signal from the Fed would likely add further buying pressure across all major crypto assets.
Bitcoin surged past $72,000 on Tuesday after BlackRock's spot Bitcoin ETF recorded its largest ever single-day inflow of $1.2 billion. The move pushed the total crypto market cap above $2.8 trillion for the first time this month.
BlackRock ETF Records $1.2 Billion Single Day Inflow
The BlackRock iShares Bitcoin Trust saw $1.2 billion flow in during a single trading session on Tuesday. Analysts say this level of institutional buying has not been seen since the ETF first launched earlier this year.
Trading volume across major exchanges spiked 34 percent within hours of the announcement. Market makers noted unusually strong buy pressure from institutional desks throughout the entire session.
Bitcoin Price Climbs 8 Percent in 24 Hours
Bitcoin moved from $67,000 to above $72,000 within a 24 hour window following the inflow news. The rally erased losses from the previous week and set a new monthly high for the asset.
On-chain data shows long term holders did not sell into the rally. This tells analysts the move was driven by fresh demand rather than existing holders taking profits at higher prices.
Analysts Now Target $80,000 as Next Key Level
Multiple leading analysts now point to $80,000 as the next major resistance level for Bitcoin. If ETF inflows continue at the current pace, Bitcoin could reach that level within two weeks according to forecasts published this week.
The Federal Reserve rate decision on Wednesday may accelerate or slow the move. A dovish signal from the Fed would likely add further buying pressure across all major crypto assets.
Read also: more coverage on CryptoCloudNews.