Crypto Market News Today: Bitcoin Struggles at $70K
Crypto Market News Today: What’s Happening to BTC Prices
On October 17, spot Bitcoin ETFs in the U.S. surpassed $20 billion in total net inflows, marking a significant milestone in the crypto industry. This achievement was reached just 10 months after their launch, far outpacing the timeline for gold ETFs, which took nearly five years to hit the same figure. Despite this, Bitcoin’s price remains unable to cross the $70,000 threshold, causing some concern in the crypto market. According to crypto market news today live, BTC reached a high of $69,487 on October 21 before dropping slightly to $68,570.
What Is Happening to the Crypto Market Right Now
While the Bitcoin ETF inflows have been massive, their impact on the price has been less immediate than expected. Analysts from Bitfinex suggest that large ETF inflows often result in muted short-term price movements as traders use these flows as exit liquidity. This delay is part of the reason why the crypto market is seeing what's happening to the crypto market right now, with Bitcoin struggling to break the critical $70,000 mark. The ETF inflows may take a few days to influence the BTC price, leaving the market in a range-bound state.
Bitcoin’s Bullish Potential with Sustained ETF Inflows
Positive ETF inflows could eventually lead to Bitcoin surpassing its previous all-time highs, provided there is sustained interest from spot market buyers. As reported in crypto market current news, BlackRock’s iShares Bitcoin Trust ETF alone brought in over $1.17 billion worth of Bitcoin last week, a significant boost for the market. Analysts suggest that Bitcoin may be on track for a retest of the $71,000 range, which could reignite bullish momentum if the inflows continue to increase.
What’s Next for the Crypto Market
Despite the crypto market dropping today, optimism remains high. A weekly close above the $69,000 psychological mark offers hope for further price increases. The launch of Bitcoin ETF options in the U.S. could also provide additional support to push Bitcoin beyond its current resistance levels, as seen in latest news on crypto market.
