Bitcoin trades around $72,800 in ‘solid’ relief bounce supported by ETF inflows
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Bitcoin (BTC), ether, and other major cryptocurrencies posted gains on Sunday as strong ETF inflows and bitcoin's role as a macro hedge pushed the market into a "solid relief bounce" amid persisting geopolitical tensions.
According to The Block's crypto price page, bitcoin rose 2.5% in the past day to trade at $72,806 as of 9:57 p.m. ET on Sunday. The world's largest cryptocurrency saw a volatile session, climbing above $73,300 earlier in the day before falling to around $70,500.
Altcoins mirrored bitcoin's gains. Ethereum climbed 4.7% to $2,188, XRP gained 3% to $1.45, and Solana advanced 4.8% to $92.
Analysts said the latest price appreciation reflects a rebound supported by the return of inflows into crypto exchange-traded funds last week.
"Bitcoin surged toward $73,000 on strong spot ETF inflows, short squeezes from liquidations, institutional/whale accumulation amid low post-halving supply," said Andri Fauzan Adziima, research lead at Bitrue.
Spot bitcoin ETFs reported net inflows on all five trading days last week, totaling $767.3 million. Spot Ethereum ETFs also logged a modest weekly net inflow of $160.8 million.
Digital gold narrative
The inflows and the price uptick in crypto came despite the ongoing U.S.-Iran conflict, which continues to fuel global uncertainty. Iranian officials have said they are prepared for a long war with the U.S. and that they are willing to continue attacking nearby countries, CNN reported.
Oil prices have remained highly volatile as tensions rise over the potential closure of the Strait of Hormuz — the key shipping route connecting the Persian Gulf to global markets. Crude oil was trading around $98 per barrel.
Adziima noted that bitcoin has been showcasing its "digital gold" resilience amid Middle East tensions and oil volatility.
"This looks like a solid relief bounce from mid-$60K lows rather than the confirmed start of a longer bull rally, upside needs sustained momentum to confirm, though cycle timing keeps $80K+ possible if inflows persist," Adziima said.
The Bitrue analyst added that the $70,000 to $71,000 range is a key support level for bitcoin this week, while breaking the $73,000 to $74,000 zone could lead to a surge toward $80,000.
Zeus Research Analyst Dominick John also said a clean break above $75,000 could open the door for a "stronger bullish continuation."
"One factor to watch is Strategy's recent purchase of 17,994 BTC," Min Jung, associate researcher at Presto Research, told The Block. "Going forward, traders will likely watch the macro outlook, geopolitical developments, and whether large buyers such as Strategy will continue accumulating BTC."
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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