Bitcoin Price Analysis: Targeting $76,600 Amid Record ETF Trading, Bhutan’s $66M Binance Transfer

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Bitcoin’s price has seen significant movement recently, fueled by factors like rising Bitcoin ETF trading volumes and Bhutan’s $66 million transfer to Binance as prices reached $71,000.

As Bitcoin’s price targets a potential peak around $76,600, analysts are closely watching for any signs of momentum shifts, especially as technical patterns indicate possible resistance ahead.

BlackRock’s $IBIT ETF led with $3.3 billion in volume, marking its highest daily activity in six months. Fidelity followed with $548 million, while Grayscale, ARK Invest, and Bitwise contributed $388 million, $136 million, and $130 million, respectively.

On October 30, Bitcoin ETFs saw a surge in trading volumes, surpassing $4.5 billion as Bitcoin’s price neared its all-time high.

Bitcoin ETF Trading Surges as Prices Approach All-Time Highs

Despite this transfer, Bhutan retains about $886 million in Bitcoin reserves after covertly mining and holding the cryptocurrency for over five years. Bitcoin holdings now make up more than 26% of Bhutan’s $2.9 billion GDP and have funded initiatives like a 50% pay raise for public employees.

When Bitcoin’s price exceeded $70,000, Bhutan’s government transferred $66.5 million in Bitcoin to Binance in two transactions on October 29, according to Arkham Intelligence.

Bhutan Transfers $66M in Bitcoin to Binance as Price Hits $71K

Biden commended Nigeria for securing the release of Tigran Gambaryan, a former IRS agent and Binance compliance executive detained on money laundering charges. Gambaryan was released on October 24 after diplomatic efforts.

U.S. President Joe Biden praised Nigeria’s efforts to combat cryptocurrency-related financial crimes in a recent discussion with Nigerian President Bola Tinubu.

President Biden Backs Nigeria’s Crypto Crime Initiative, Calls for Global Reform