Bitcoin soared past the $61,000 mark on Wednesday, marking its first time breaching this key level since November 2021. This significant jump comes fueled by a week of substantial investments into U.S.-based Bitcoin spot ETFs, coupled with positive sentiment among investors in the overall crypto market.

The rally appears closely linked to these large inflows, with the new funds adding over 12,000 Bitcoins on Tuesday, following Monday’s influx of roughly 10,000. As of writing time, Bitcoin is trading at $61,166.15, reflecting a 7.22% increase over the past 24 hours. However, the trading volume of Bitcoin for the same period has decreased by 6.36%, indicating a potential bullish sentiment as investors may be holding onto their Bitcoin rather than selling.

The broader cryptocurrency market also witnessed a positive trend, rising 2.68% in the same timeframe. Bitcoin continues to hold a dominating share of 52.7%, followed by Ethereum at 18%.

With the pivotal $60,000 hurdle surpassed, Bitcoin bulls might now set their sights on the all-time high of $69,045, reached on November 10, 2021, before Bitcoin hhalving. Additionally,on-chain data reveals frequent movement of Bitcoin between exchanges and individual wallets, indicating potential buying and holding activity.

Crypto analyst Michael van de Poppe warns of a potential correction following Bitcoin’s recent bull run. He suggests that while a new all-time high before the next Bitcoin halving is a possibility, it could be followed by a swift and harsh correction.

While the exact reasons behind the sudden surge remain unclear, the influx of funds into spot ETFs and increased on-chain activity signal heightened investor interest, potentially leading to further price movement in the coming days.

Also See: 54 Days to Bitcoin Halving: Bitcoin Soars Above $57,000