🚀 Bitcoin Hits $72,000: New BREAKOUT?

Bitcoin's price has skyrocketed by 5.7%, breaking past $72,000 for the first time since June 2024. So, what's driving this latest surge in BTC's value?

In just the last two days, Bitcoin ETFs saw net inflows of $479.4 million, with BlackRock leading the charge, adding over $300 million in BTC. This institutional push has reignited bullish momentum, pushing Bitcoin firmly above the $70K threshold. According to CryptoQuant, average daily inflows into Bitcoin ETFs have hit $257 million over the last 30 days, signaling ongoing robust demand.

Bitcoin ETFs in the U.S. have now reached a record-breaking $66 billion in holdings, surpassing their previous August highs. The strong institutional interest, confirmed by Capriole Fund’s Charles Edwards, is helping propel Bitcoin to new heights. CEO of CryptoQuant, Ki-Young Ju, highlighted that whale wallets (holding 1,000+ BTC) have absorbed more BTC than ETFs, showcasing big-money confidence in Bitcoin's long-term prospects.

Adding to the rally, Bitcoin’s open interest (OI) surged by $2 billion in just 48 hours, setting a new all-time high of $22.77 billion. The explosion of leverage in the derivatives market is driving volatility, with $150 million in liquidations pushing BTC above $71,800. Analysts like Andre Dragosch from Bitwise noted this is the largest short squeeze since April 2024, adding fuel to Bitcoin's bullish momentum.

While everyone is celebrating, legendary trader Peter Brandt warns that Bitcoin needs to close above $76,000 for a true breakout. BTC is facing significant resistance around $71,500, but if it successfully closes above this level, we could be looking at even higher targets in the near future.

Will $BTC hit $76k or maybe even more? Drop your opinion in the comments!

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