Bitcoin has once again surpassed the $70,000 mark, reaching $70,225 per coin for the first time in over a month, marking its highest level since April 12.

The 6% increase in 24 hours, as reported by CoinGecko, highlights strong bullish sentiment from investors flooding newly approved Bitcoin spot exchange-traded funds (ETFs) with capital.

The recent increase in Bitcoin price comes as market sentiment is positive and institutional interest increases. The upward trajectory began in late February, with Bitcoin rising from around $47,500 to around $55,000 in early March. This initial increase was followed by a period of bullish momentum, with the alpha cryptocurrency peaking around $62,500 before the week ended. As the second week of March arrived, Bitcoin hit $70k.

This peak represents a period of strong buying activity and market enthusiasm, fueled by speculation and high interest in the cryptocurrency market.

Today's rise to $70,225 was influenced by a US Bureau of Labor Statistics report showing lower-than-expected inflation in April, suggesting the Federal Reserve could cut interest rates, making assets like Bitcoin more attractive than traditional investments.

The overall trend from February to May shows a bullish market sentiment, with significant price increases and sustained periods of high trading volumes. In the past 24 hours, more than $235 million in crypto positions were liquidated, with $63 million in Bitcoin short positions, highlighting strong market activity and investor optimism. private.

Recent speculation that the SEC could approve spot Ethereum ETFs with a 75% chance also contributed to the bullish momentum.

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