Bitcoin’s price is almost at a new all-time high if it can get past the important $67,500 level, which is currently a major barrier point. Markus Thielen, in charge of research at 10x Research, says that breaking through this level could lead to a bullish rise.
Thielen said that Bitcoin’s recent rise above the psychological $66,000 level is a good sign for its price. The biggest coin has grown by more than 7.3% in the last week.
Thielen says that a break above $67,500 could send Bitcoin to new all-time highs, which would further support the predictions made by their Bitcoin ETF model. Spot Bitcoin exchange-traded funds (ETFs) in the US have had positive inflows for two weeks. The net flow into these ETFs is over $200 million, half of the $413 million the week before.
Before the week starting May 6, BTC ETF net flows had been negative for three weeks in a row. Institutional money through ETFs has been a big part of Bitcoin’s recent rise to new all-time highs. By February 15, Bitcoin ETFs had raised over $50,000 in new investments in the world’s biggest cryptocurrency, making up about 75% of all new investments.
Bitcoin Faces Strong Resistance at $67,500 Level
Bitcoin, on the other hand, faces strong opposition at the $67,500 level. CoinGlass says that a possible breakthrough would eliminate short positions worth nearly $300 million backed by leverage on different crypto exchanges. BTC has successfully turned a key resistance level into support on the monthly chart, suggesting that bullish momentum may be growing, as well-known crypto expert Rekt Capital noted in a post on May 16.
Besides 10x Research, other experts have also become optimistic about Bitcoin after it has been stable for a while. A major trading company, QCP Capital, is optimistic about Bitcoin’s price momentum and thinks it could return to its all-time high of $74,000.
The company recently said in a note that it has seen large buyers buy 100,000 to 120,000 BTC Calls for December 2024. This shows they are confident that the coin’s price will increase. “US CPI numbers caused risk assets to break out of the range.” BTC has since gone back up above $66,000, the company wrote.
However, Michael Novogratz, founder of Galaxy Digital Holdings, a well-known digital-asset financial services company, thinks Bitcoin will stay in a fairly narrow trading band for the next three months. According to the news, he thinks BTC will stay between $55,000 and $75,000 until certain events or factors in the market push the prices higher. Novemberogratz talked about the tailwinds that happened in the fourth quarter of last year and the first quarter of this year.
Both analysts and investors are monitoring Bitcoin’s current price path closely. Many are waiting to see if it can break through the $67,500 barrier and hit new highs.
I think that is probably where we are certainly for this quarter, maybe next quarter until either A, the Fed starts cutting rates because the economy finally slows or B, we get through the election and I think the election will bring clarity one way or the other to the crypto regulatory landscape.
