Bitcoin (BTC) price today reached up to $64,000, suggesting that the current uptrend is pushing prices higher. The current rise in prices occurred due to strong fund inflows into Bitcoin ETFs. However, historical data may indicate that there are very few examples of Bitcoin exceeding the $64,000 value.
Glassnode’s BTC Report
According to data released by Glassnode, Bitcoin’s daily closing price has stayed above the $61,000 level on only 31 of the 4973 trading days. While the Bitcoin spot price is still rapidly advancing towards all-time highs (ATHs), the probability of it remaining above this level is still considered low. The data also suggests that after a steep bull run, the OG-cryptocurrency prices historically tend to show a downward trend. Spot Bitcoin ETFs are having a good week up to their current position.
On Monday, they saw an inflow of $520 million, and on Tuesday, Glassnode reported another significant inflow of $577 million. This flow came after a $520 million inflow into the BlackRock iShares Bitcoin ETF, which helped push the Bitcoin price to $60,000. According to data obtained from BitMEX Research, spot Bitcoin exchange-traded funds (ETFs) saw a net inflow of $577 million (or 10,167.5 BTC) on February 27th. With massive trading volumes recorded by all nine spot Bitcoin ETFs, this was the highest inflow since the year 2017.
The $64,000 Level in BTC
However, on Tuesday, the outflow from Grayscale’s GBTC increased again, dropping to $22.4 million from the previous day. The price of BTC rose to $64,000, which is only a fraction of the $68.6 thousand peak set 27 months ago. $56,329 was the lowest level in 24 hours, and $64,000 was the highest. At the time of writing, the leading cryptocurrency is trading around the $64,000 level, with an approximate 10% increase over the last 24 hours.
However, investors are now wondering how the trajectory of BTC will develop due to a lack of data supporting the sustainability of this bull run. Following the recent rise in BTC prices, Daniel Yan, founding partner of cryptocurrency services company Matrixport, also hinted at a possible correction of around 15% by the end of April. Nevertheless, with the increasing inflows day by day, the growth of the Bitcoin ETF could likely continue to pressure the prices of the OG-cryptocurrency.
