2024-5-20 14:53 |
Bitcoin’s price action has shown significant improvement recently. Prices rebounded towards the late April resistance zone of $67,500, surpassing early May highs of $64,000.
According to 10X Research, the Bitcoin breakout could lead to new all-time highs. The research firm’s Bitcoin ETF model supports these predictions.
Why Analysts Are Bullish on Bitcoin Recovery?The report highlights the importance of the $68,300 “line-in-the-sand.” Surpassing this level could trigger a strong rally. Bitcoin currently trades bullishly, with $67,500 being the next critical breakthrough level.
Selling pressure remains subdued. However, market structure and fundamentals still pose challenges. The bull market is searching for a significant narrative to ignite investor interest.
Read more: Bitcoin Price Prediction 2024/2025/2030
Despite these challenges, Bitcoin’s downside appears limited. Inflation data is unlikely to rise significantly, and Federal Reserve Chair Jerome Powell has ruled out rate hikes.
This environment is conducive to resuming Bitcoin ETF inflows from long-only investors. Multi-strategy funds may stay on the sidelines due to low funding rates and weak retail trading volumes.
A gradual increase in Bitcoin prices is anticipated, contrasting with the explosive rally seen earlier in the year. A stronger US stock market and support from the US Presidential election cycle could bolster this bullish narrative.
Bitcoin closed the week at approximately $66,300, up by over 10% since May 13. Most of the price increase occurred on Wednesday, while the rest of the week exhibited relatively stable price action.
Crypto analyst Jelle echoes 10X Research’s bullish forecast. He notes that Bitcoin broke the local downtrend, reclaimed previous cycle highs, and now consolidates around $67,000.
“It’s time to push back into the seventies, and beyond,” Jelle said.
According to Matteo Greco, a research analyst at digital assets company Fineqia, last week’s positive price movement was also driven by increased demand for BTC Spot ETFs.
“After five weeks of low demand, resulting in about $1 billion in cumulative net outflows, BTC Spot ETFs saw about $950 million in net inflows last week, reflecting a demand level not seen since March,” Greco told BeInCrypto.
Moreover, Santiment data indicates that Bitcoin wallets holding less than 0.1 BTC have reduced their total holdings by 0.46% over the past week.
Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach
Bitcoin Small Wallets’ Capitulation. Source: Santiment“Historically, small wallets dumping their coins to larger wallets is an encouraging and bullish sign for BTC,” Santiment wrote.
The post Bitcoin Eyes New Peaks: Price Nears Breakout at $67,500 Resistance Zone appeared first on BeInCrypto.
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