Bitcoin (BTC) has reached the coveted level of $70,000, and there is an increase in purchases on the spot market and investments in exchange-traded funds (ETFs). đ Analysts suggest that the bull market is just beginning. The recent surge in interest following the bounce from $60,000 resulted in $950 million in inflows over the past week.
If the trend continues, BTC could surpass expectations. BTC is currently trading around $70,000, with the break above the $68,000 resistance pointing towards $73,777. However, this could cause a strong bearish reaction.
In a broader economic context, BTC's 51% year-over-year gain reflects investor expectations for the expansion of the US money supply. BTC exchange stocks have fallen to a 7-year low, making a bearish view on Bitcoin increasingly difficult to justify.
