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Bitcoin Eyes New Peaks: Price Nears Breakout at $67,500 Resistance Zone

2 mins
Updated by Harsh Notariya
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In Brief

  • Bitcoin nears $67,500 resistance, potential breakout could lead to new all-time highs.
  • Analysts see bullish signs with limited downside, supportive ETF inflows, and stable inflation.
  • Positive momentum from BTC Spot ETFs and bullish market sentiment suggest a Bitcoin rally.
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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.

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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Harsh Notariya
Harsh Notariya is a journalist at BeInCrypto, who writes about various topics, including decentralized physical infrastructure networks (DePIN), tokenization, crypto airdrops, decentralized finance (DeFi), meme coins, and altcoins. Before joining BeInCrypto, he was a community consultant at Totality Corp, specializing in the metaverse and non-fungible tokens (NFTs). Additionally, Harsh was a blockchain content writer and researcher at Financial Funda, where he created educational reports on...