The price of Bitcoin is hovering around $70,000 as investors watch for signs of a possible breakout.
Bitcoin has climbed about 16% from its lowest level earlier this year. On March 11, the cryptocurrency was trading near $70,000 with daily trading volume reaching around $47 billion and its market value standing at roughly $1.3 trillion.
One major driver behind the recent recovery is growing demand for spot Bitcoin exchange-traded funds (ETFs). Data shows that ETF funds added about $250 million in assets on Tuesday after bringing in $167 million the day before.
So far this month, spot Bitcoin ETFs have attracted nearly $1 billion in new inflows. This strong demand has helped offset the losses recorded in February.
Economic data from the **United States has also played a role. Core inflation slowed in February, rising 0.2% month-over-month, while annual inflation remained around 2.4%.
Analysts say easing inflation could support risk assets like cryptocurrencies because it reduces pressure on interest rates set by the Federal Reserve.
Technical indicators also suggest the market may be gaining strength. If Bitcoin manages to break the key resistance level near $74,700, analysts say the price could move toward the psychological milestone of $80,000 in the coming weeks.
For now, traders are watching macroeconomic data, ETF flows, and global events closely to see whether Bitcoin can maintain its momentum.
