Bitcoin (BTC) Nears $70K as BlackRock's ETF Accumulates $1B in Bitcoin This Week

Cryptocurrency markets are trading higher as BlackRock's Bitcoin ETF accumulated $1 billion in BTC this week.

Cryptocurrency markets are on the rise as BlackRock’s Bitcoin ETF has reportedly acquired $1 billion in BTC this week. Among other notable statistics, institutional inflows into crypto reached a seven-week high.

Here’s a snapshot of the key market stats and some interesting trader observations.

Top Gainers, Loser & Stats: Among the top 20 cryptocurrencies, NEAR and Filecoin led the gainers, surging over 10% in the past 24 hours. The overall cryptocurrency market capitalization increased by 1.26% to $3.03 trillion during the same period.

In contrast,BNB and XRP fell by less than 1% each. Notably, institutional inflows into crypto reached a seven-week high, with a total of $218 million flowing into digital asset products. At the same time, outflows from equities were observed.

Crypto ETF inflows also hit a seven-week high, accumulating a total of $193 million in the past seven days, as observed by CoinShares.

Crucial Resistance For BTC: As Bitcoin prices crossed the $68,000 mark, Rekt Capital noted that BTC is encountering a crucial daily resistance level. A close above this area is necessary to confirm a breakout.

If Bitcoin manages to close beyond this resistance, it could indicate a potential sustained upward move. However, a failure to do so might suggest limited upward momentum.

Bitcoin Price Nearing $70K Zone: Crypto trader Daan Crypto Trades pointed out that Bitcoin is approaching the $70,000 mark, which is about 7% away from its all-time high.

With the U.S. election in roughly two weeks, market movements could be significantly influenced by election-related developments in the short to mid-term. Any major polling shifts or news updates may have a growing impact on Bitcoin's price trajectory.

Crucial Levels For Bitcoin: Crypto trader Miles Deutscher noted that gold has surged past yearly highs, whereas BTC is yet to follow suit. If Bitcoin follows the same pattern as gold, this suggests a potential move to $96,000 for Bitcoin (ATH 30%).

What’s Next: The institutional adoption of cryptocurrencies and its impact on the market will be a key topic at Benzinga's Future of Digital Assets event on Nov. 19.

Attendees can expect to gain insights from industry experts and stay up-to-date on the latest trends.

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