Bitcoin traders refocus on $70,000 price level with cash flowing into ETFs

Bitcoin traders are targeting the $70,000 price level last reached in June once again after cryptocurrencies briefly dipped across the board late Friday and US exchange-traded funds continued to see steady inflows.

“This is a continuation on the trends we’ve recently seen established in the space,” said Stephane Ouellette, co-founder and chief executive officer of FRNT Financial. “We’re in the early phases of a global liquidity cycle and we would expect lower interest rates and fiscal policy liquidity to continue to act as a tailwind for Bitcoin over time.”