Bitcoin extended its weekly gains to 12% after surging near $74,000 before settling around $70,600. The asset’s performance against gold and traditional finance reinforced its perception as a hedge amid geopolitical tensions. Spot Bitcoin ETFs attracted $767 million in weekly net inflows, while options data shows bulls are targeting the $75,000 level.
Bitcoin notched 12% weekly gains, rallying to $73,900 before retracing to $70,600. Its relative strength against gold and traditional markets highlighted its role as a potential hedge during the ongoing West Asia crisis.
Options traders are focusing on the $75,000 price point. Glassnode data shows significant call buying at that level, noting that “Clearing this level could fuel further upside momentum due to dealer hedging flows.”
Conversely, put options and hedging activity are concentrated at $60,000. This positioning suggests the $60,000 to $75,000 range may persist, though a decisive break above $75,000 could accelerate a push toward $80,000.
The breakout has been delayed by a lack of strong new buying interest. Analysts at Swissblock stressed that a confirmed expansion phase requires a renewed spike in network growth signaling fresh market participants.
Positive ETF flows provided crucial support, with spot Bitcoin ETFs seeing consistent inflows. The $767 million in weekly net inflows contributed to Bitcoin’s resilience and may support another attempt to break the $75,000 barrier.
