Bitcoin price has surged above $71,000 for the first time since March 15 as more capital flows into spot BTC ETFs. Data from Cointelegraph Markets Pro and TradingView reveals that BTC has experienced a more than 0.55% increase over the past 24 hours, reaching a weekly high of $71,582 on March 26.

Several factors are driving BTC's current price movement, including consistent spot Bitcoin ETF inflows, the upcoming Bitcoin halving, and positive investor sentiment among institutional investors.

Bitcoin whales, or large investors, have been increasing their holdings in anticipation of future price hikes. Wallet data from market intelligence firm Santiment shows a rise in the percentage of wallets holding between 1,000 and 10,000 BTC. Additionally, a decrease in BTC deposits on exchanges, as highlighted by Glassnode data, suggests a reduced intent to sell among investors, which is viewed as a bullish sign.

The upcoming Bitcoin halving event is also influencing Bitcoin's price. Glassnode has noted that the influence of long-term holders on Bitcoin supply dynamics is growing, and their actions can significantly impact market sentiment. As the halving event approaches, investors are preparing their positions accordingly.

Traders and analysts are now closely monitoring Bitcoin's next price level following its surge above $70,000. According to IntoTheBlock, whales added over 80,000 BTC when the price dropped to $64,000, providing momentum for Bitcoin's move back to the $70K range. The IOMAP model from the firm indicates strong support around the $64,000 level.

Overall, investors are gearing up for potential further price increases as Bitcoin's price target of $100,000 comes into focus. Remember, this article does not provide investment advice, and readers should conduct their own research before making any financial decisions.