"Everyone must be happy that BTC has gone up, are you sad because you didn't have time to wait for the price to go down?"
The price of cryptocurrency king Bitcoin (BTC) at the opening of the Asian session market this morning finally broke the $66,000 resistance zone after the spot BTC ETF based in the United States (US) topped $16 billion in the last two days.
The strong inflow came as BTC bounced back strongly from the $50,000 level where the price had been stuck since earlier this month due to the German sale of 50,000 BTC combined with the Mt.Gox refund.
Not only that, inflows also occurred as spot Ethereum (ETH) ETF issuers were found ready to submit final documents to the Securities and Exchange Commission (SCE) signaling the fund could be launched on Tuesday next week.
In addition to spot BTC ETFs, Bitwise Senior investment strategist Juan Leon said CME BTC futures hitting new highs in the second quarter also pushed BTC prices up drastically.
According to leading crypto analyst Ali Martinez, BTC can continue its rise up to $66,250 if the price can maintain a position above $62,500 and it should be noted that the level of $66,000 could prompt it to make another move higher.
Despite that, investors are still worried that the price of BTC may drop back to $58,000 following Mt.Gox which started moving $6 billion worth of coins from cold wallets to various addresses.
As of this writing, the price of BTC has surged by 1.76% to $65,922 in the last 24 hours with a market cap of $1.3 trillion followed by a 14.36% gain over the past week.