Bitcoin Returns Return to $65K Accompanied by $425M in ETF Inflows

Bitcoin price rebound from last week’s low at $56,538 shows no signs of stopping with Bitcoin (BTC) trading above $65,000 for the first time since June 18.

Data from Cointelegraph shows that BTC price rose from a low of $62,410 on July 17 to reach an intraday high of $66,139 on July 17.

Bitcoin’s rise above $65,000 came as market participants shrugged off payouts from the defunct crypto exchange Mt. Gox.  wallets related to the exchange's estate moved approximately $3billion worth of BTC on July 17, likely preparing to distribute assets to creditors in the coming days.

The rally in BTC price was accompanied by massive inflows into US-based spot Bitcoin ETFs. According to data from SoSo Value, the 11 spot Bitcoin ETFs listed in the United States recorded a cumulative inflow of $422.5 million on Tuesday, July 16.

BlackRock's IBIT amassed over $260 million, accounting for a giant share of the cumulative inflows. FBTC drew $61.1 million, while others, except GBTC, DEFI and BTCW, pulled in less than $30 million each.

These investment products have seen cumulative inflows of over $1 billion in just the last three days, underscoring investors' confidence in Bitcoin's price prospects.

Bitcoin price outlook

BTC has surged 22% to $65,420 since hitting a low near $53,500 on July 5, as shown on the daily chart below. In addition to the ETF inflows, the price recovery may be linked to the exhaustion of selling pressure from Germany's Saxony state.

In addition, the dramatic improvement in the probability of pro-crypto Republican candidate Donald Trump winning the U.S. presidential election on Nov. 4 and Trump's decision to appoint a pro-crypto and Ohio Republican senator James David Vance as running mate also added to Bitcoin’s hindwings.

BTC now sat on strong support provided by the 50-day exponential moving average (EMA) and the 100-day EMA around $62,600. Bulls were required to keep the price above this level and produce a decisive close above the $65,00 psychological level.

If they succeed, they will be able to push BTC toward the stiff supplier congestion zone between $68,000 and $72,000. Breaching this level will bolster the bulls to drive BT higher toward the all-time highs at $73,835.

Popular Bitcoin analysts Ali Martinez commented on Bitcoin’s recovery, saying that the BTC price is trading in an ascending parallel channel on lower timeframes. The analyst said that if BTC holds above $65,000, it will rise toward $67,000.

Fellow analyst Jelle spotted Bitcoin trading at $63,400 and said that if the momentum continues, BT could hit “new all-time highs.”

At the time of publication, Bitcoin was trading at $65,400, up 3.53% over the last24 hours.