• On Wednesday, the price of bitcoin crossed the $73,000 mark thanks to growing demand from a persistent buyer group.
• With the halving happening in just over five weeks, Bitcoin might psychologically reach the $80,000 mark.
• AUM for the Bitcoin ETF is $58.7 billion, which is roughly 58% less than the $98 billion total assets of Gold ETFs.

Weeks before the halving, the price of Bitcoin (BTC) is approaching the $80,000 milestone with gradual but consistent gains. Although fresh capital inflows into the BTC spot exchange-traded funds (ETFs) markets are providing support, it’s still unclear where the trailblazing cryptocurrency will peak once the bull market gains traction.

Currently, Bitcoin ETFs handle assets that are more than half that of Gold ETFs

Although the price of bitcoin is erratic, it still has a northward directional trend. It occurs when the fear and greed index for cryptocurrencies, which is still at 81, indicates strong greed—possibly as a result of traders not wanting to miss out on the activity.

There are still two themes driving the market. First, the next bull cycle is anticipated to begin with anticipation of the BTC halving, which is approximately 39 days away. Secondly, the story about ETFs hasn’t stopped. The most recent financial offering is praised for introducing Bitcoin to Wall Street and sparking a surge in institutional interest in the market.

According to data from Kaiko Research, the amount of exposure in order books within 2% indicates the depth of liquidity in the Bitcoin market, which reached a record $600 million with a large excess of bids over asks.

This suggests that traders are taking profits as the price of bitcoin keeps rising to new heights. However, the statistics also indicated stable refinancing rates, indicating that there is still a strong market for Bitcoin.

According to recent reports, institutional and retail interest in spot BTC ETFs is the reason for the increased demand; data indicates that the AUM (assets under management) for this investment product is steadily surpassing that of gold ETFs.

In just eight weeks since the investment product’s launch, BTC ETFs have amassed about $60 billion in AUM, compared to their gold counterparts’ roughly $98 billion. This means that the former is only roughly 58% behind the latter. In a few months, if the current rate holds, Bitcoin might surpass gold ETFs.

All ten of the BTC ETFs, in the opinion of Bloomberg Intelligence’s Eric Balchunas, will follow suit. WisdomTree’s BTCW, the lowest-ranked Bitcoin ETF in terms of AUM, manages a robust $74 million and is in the top 15% of the 108 ETFs that were introduced in 2024.

Bitcoin’s projected price as of Bitcoin ETFs dominates the market.

The price of bitcoin is rising steadily as bulls take advantage of every correction to “buy the dip.” With a track record of success, the price of bitcoin has reached new highs, peaking at $73,650 on Binance in comparison to the Tether (USDT) stablecoin.

Nevertheless, BTC bulls continue to pour into the scene, and it appears that all roads go north. This is suggested by the three technical indicators displayed in the weekly chart below. First, increasing momentum is shown by the Relative Strength Index (RSI) rising.

As seen by the significant increases in the number of green histogram bars that continue to show positive values, the bulls are still very much in control of the Bitcoin market. Furthermore, the expanding volume signal suggests that the bullish trend is becoming stronger.

A rise in purchasing pressure might cause the price of bitcoin to retake the $73,000 mark. The trailblazing cryptocurrency may reach the $75,000 mark farther north, or in an optimistic scenario, it may even reach the psychological $80,000 mark. This would indicate a 10% increase over the present levels.

However, the price of Bitcoin can drop if traders start to profit from their current gains. Investors who intend to short Bitcoin should hold off until a break occurs and they close below the mean threshold of $64,044—the midpoint of the supply zone that spans $62,278 to $65,618.

If the bullish breaker, which was originally the supply zone, flips from support to resistance, Bitcoin might offer another chance to buy at the psychological $60,000 mark.