BTC Surges Past $87K on Record ETF Inflows
The price of Bitcoin (BTC) has risen above $87,000 for the first time since January, and many analysts believe it's on its way to breaking through the $100,000 barrier. The surge in value comes as strong inflows into U.S. spot Bitcoin ETFs have reached a record $999 million. BlackRock's IBIT accounted for $381 million of this total, while ARKB drew $289 million.
Corporate buying has also been a factor, with Strategy disclosing that it had purchased 950 BTC for $75.7 million during the previous week. However, interest rates remain a risk, as Richmond Fed President Tom Barkin warned that inflation is still too high and left open the possibility of further rate hikes.
The recent rally has also seen Bitcoin regain ground against gold (XAU), with the BTC/Gold ratio rising to 20. This compares favorably to previous recoveries in 2015 and 2019, which led to breakouts. However, a sustained move above 30-35 would be needed for the case for Bitcoin to strengthen.
From a technical perspective, the price of Bitcoin has formed a bottom in the support region of $50,000 to $60,000 and is now pushing toward the $100,000 area. A break above this level could see the price target the $135,000 zone.