Bitcoin (BTC) Breaks $71,000 as Bullish Momentum Builds: Is an All-Time High Looming?

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Bitcoin breaks $71,000 amid a $950M influx into spot ETFs, signaling strong market liquidity.
BTC’s 24-hour trading volume spikes 135% as market cap soars to over $1.4 trillion.
Exchange BTC reserves hit a 7-year low, reducing available supply as bullish sentiment grows.

Bitcoin (BTC) has seen a remarkable recovery, breaking the $71,000 barrier for the first time in over a month. This upward movement is largely attributed to a surge in spot buying and interest in spot Bitcoin ETFs. As investors pour money into these newly approved funds, the market exhibits a strong bullish trend that could indicate the start of a more sustained bull market.

BTC/USD 24-hour price chart (source: CoinMarketCap)

However, despite the bullish rally, resistance at the intra-day high of $71,946 was stiff to breach. Despite that, at press time, BTC was bullish, trading at $71,061, a 5.89% surge from the intra-day low of $66,319. Concurrently, the positive sentiment was evidenced in the market cap and trading volume that soared by 5.86% and 135%, respectively, to $1,400,852,056,633 and $51,363,824,061.