While the long-term outlook for Bitcoin and Ethereum remains bullish, driven by institutional interest and significant ETF inflows, the short-term presents volatility. The movement of Bitcoin by Mt. Gox
The Bitcoin price charts are presenting a mixed bag of signals. On the 4-day Bitcoin chart, there hasn’t been much change despite a short-term pullback. The daily chart shows a bounce back in the DXY (US Dollar Index), which typically signals bearish trends for Bitcoin if the DXY continues to rise.
Currently, Bitcoin is facing resistance in the $67,000 to $68,000 range, based on previous support and resistance levels and the volume profile indicator. A confirmed breakout above $68,300 with sustained candle closes could push Bitcoin towards its all-time high, between $72,000 and $74,000. However, short-term support exists around $63,000 to $64,000, a critical level to watch for any further rejections.
Despite the bearish signals, there is a silver lining. On Monday, there was a massive net inflow into spot Bitcoin ETFs, amounting to nearly $485.9 million. This inflow represents significant buying pressure, which is positive for Bitcoin’s price. However, this is just one piece of the puzzle affecting Bitcoin’s price dynamics.
Analyzing the Bitcoin liquidation heat map, several key liquidity levels stand out. The price of Bitcoin is likely to move towards these levels:
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