Bitcoin has recently surged past the $70,000 mark, reaching a three-month high of approximately $72,000. This increase aligns with a wave of significant institutional purchases.
Alongside this, Bitcoin ETF trading volumes have skyrocketed to a record $4.5 billion, with BlackRock's IBIT handling the lion's share at $3.3 billion. This increased activity reflects heightened institutional interest and confidence in the cryptocurrency market.
Amid these developments, Bhutan has transferred $66.5 million worth of Bitcoin to Binance, while still holding $886 million in Bitcoin reserves. Such moves highlight the strategic management of crypto assets on an international scale.
Technical analysis of Bitcoin's price suggests a potential peak around $76,600 based on the ABCD pattern. However, the Relative Strength Index (RSI) stands at 73, indicating that Bitcoin is currently in overbought conditions. Despite this, the upward momentum in the market suggests a resilient bullish outlook.
