Bitcoin Surpasses $71,000 in Asian Trading Hours Amid Whale Activity and ETF Inflows Ahead of U.S. Elections
Bitcoin's value rose by 5% to surpass $71,000 during Asian trading hours, leading to significant trading volume and the liquidation of over $143 million in short positions. This rally was partly driven by whale activity on Binance and substantial inflows into Bitcoin ETFs, which saw a net increase of 47,000 BTC in the last two weeks. The upcoming U.S. elections are believed to be a bullish catalyst for the market, with traders betting on positive market conditions regardless of the outcome. Bitcoin's trading volume reached $48 billion in the past 24 hours, breaking through a key resistance level of $70,000.
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