- The Bitcoin price is regaining momentum, surging past the critical $77k level.
- This BTC price surge is driven by rising ETF inflows and US-Iran war de-escalation.
- The next target of BTC is $80K, according to experts.
The Bitcoin price is facing a fresh wave of buying interest. The crypto is now moving higher, outperforming the broader crypto market. Significantly, the latest BTC price rally is supported by a mix of strong institutional demand and improving global sentiment. After a period of extreme volatility, BTC is now regaining momentum.
One of the main drivers of the Bitcoin price surge today is the steady inflow into spot ETFs, led by BlackRock’s IBIT. At the same time, easing US-Iran conflict tensions have also influenced the price move. With both institutional capital returning and macro risks cooling, BTC finds solid support, opening the door for a potential move higher in the near term.
Bitcoin Price Surges Today; Here’s Why
The pioneer cryptocurrency is now exhibiting a strong return, after weeks of downtrend amid rising geopolitical tensions. According to CoinMarketCap, the BTC price has been showing a better performance than other cryptocurrencies, having made a stunning daily increase of 3.15%.
Currently, the price stands at $77,138. It has made remarkable increases of 6% in the past week and 9% in the past month. This positive momentum can also be seen in the trading volume. Thus, it indicates that people have started buying more BTC. The 24-hour volume is $52.98 million, marking an increase of 35%. However, why is the BTC priceBTC-0.28% rallying?
ETF Inflows
The main reason for the current positive trend is the steady rise in inflows into spot Bitcoin ETFs. Large institutions are once again putting money into the market through regulated channels, with major players like BlackRock leading the way.
As per CoinGlass data, Bitcoin ETFs have seen a notable inflow of $663.90 million on April 17. This brings the net inflow to a massive $58.15 billion. Reportedly, asset manager BlackRock is leading the positive flows, accumulating BTC for eight straight days. In an X post, Bitcoin Archive noted that BlackRock’s IBIT bought $284 million in BTC on April 17, bringing the total purchases to a staggering $1.34 billion in just eight days. This growing institutional interest significantly supports the Bitcoin price.
Easing Geopolitical Tensions
Alongside growing institutional interest, easing Middle East tensions are also helping BTC to regain momentum. The latest developments within the US-Iran war indicate that there is room for hope for de-escalation.
Iran reportedly stated that the country will “completely open” the Strait of Hormuz to commercial ships for the remainder of the ceasefire. Iranian Foreign Minister Abbas Araghchi stated, “The passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire.” This has significantly pushed the oil prices down, further bolstering the Bitcoin price.
What’s Next for BTC Price?
Recently, analyst Ted provided a technical analysis of the Bitcoin price. According to him, the coin is poised for a potential bull run as BTC broke past the important $75k level, where it had continuously faced rejection previously. This move suggests that buyers are stepping in again after a period of consolidation.
According to Ted, the next key level to watch was $76k. He noted that if Bitcoin manages to break and hold above this level, it could open the door for a move toward $78K-$80K. As BTC has already reached $77k, breaking past this level, a rally is more likely.
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