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Bitcoin Marches Towards $70k: Bullish And Bearish Arguments Explained

Published by
Anjali Belgaumkar

Bitcoin is rebounding from a crucial support level, maintaining its long-term bullish trend. While Bitcoin remains in a larger bull market, ETFs are also making a mark with inflows. On Thursday, there was an inflow into spot Bitcoin ETFs, totaling nearly $85 million, which is an increase from the $53 million seen on Wednesday. 

Bitcoin’s Resilience and Long-Term Bullish Trend

However, these figures are still lower compared to the inflows earlier in the week, where Monday and Tuesday saw multi-hundred million dollar inflows. Analyst Josh of Crypto World, dissected the Bitcoin chart and said that the SuperTrend indicator remains in the green, indicating a sustained bullish market on the larger time frames. 

For a major bearish shift to happen, we would need a 4-day candle to close below $55.8K, which hasn’t occurred yet. Therefore, the larger bullish market continues,  just like past patterns where temporary dips didn’t lead to a confirmed trend reversal.

In shorter time frames, such as the 2-hour chart, recent bearish divergences played out over a couple of days before reversing. Despite the current bullish trend, there are short-term fluctuations. On the daily time frame, Bitcoin recently tested a previous resistance area, now acting as support, between $63K and $64K. 

Looking ahead, resistance levels are identified around $67K to $68K, and further up between $72K and $74K. If Bitcoin were to dip below $63K, the next support would be between $61K and $60K.

Short-Term Resistance and Support Levels: What to Watch Next

Bitcoin is also attempting to break above a key short-term resistance, the golden pocket between $64.2K and $64.9K. At the time of writing, Bitcoin is trading above $66,500 and is up by more than three percent in the last 24 hours.

Also Check Out: Week In Crypto: Bitcoin, Ethereum, Ripple Analysis

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

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