Bitcoin is currently showing strong bullish signals on larger time frames, hinting at a potential repeat of historical price patterns. However, in the short term, new indicators are emerging that demand attention. Additionally, liquidity is accumulating above the current Bitcoin price, hinting at further upward potential.
When examining the 4-day Bitcoin chart, analyst Josh of Crypto World observed minimal changes in the Super Trend indicator over the past day. Zooming out to a weekly perspective reveals the last five years of price action, marked by multiple phases of expansion and contraction. Historically, during bullish trends (or bull markets), upward movements followed by corrections or bear markets are seen.
While the larger trend appears bullish, short-term price action may still experience fluctuations. Currently, Bitcoin is facing resistance around the $68,000 mark. If a daily candle closes above this level, we could see upward movement toward $72,000. If Bitcoin faces rejection, support is anticipated at around $66,000.
First Level of Support: $66,000 – Previous resistance that may now act as support.
Second Level of Support: $64,000 – Significant historical support.
If the price successfully retests $66,000, this would confirm the breakout. A failure to maintain above this level could invalidate the bullish momentum. Currently, Bitcoin is trading above the neckline of a cup and handle pattern, with a bullish price target near $80,000. However, reaching this target will take time, likely several months, and the price will encounter resistance along the way.
On Thursday, Bitcoin spot ETFs experienced substantial inflows, totaling approximately $470 million. This week alone (Monday through Thursday), there has been a staggering $1.8 billion influx into Bitcoin ETFs, averaging over $460 million per trading day. This trend suggests that institutional investors are actively accumulating Bitcoin, further solidifying bullish sentiment and influencing Bitcoin price predictions in the market.
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