Bitcoin is experiencing a bullish trend reversal, evidenced by breaking out above key resistance levels in the short term. According to analyst Josh of Crypto World, this reversal signals potential further upward movement, especially as buying pressure intensifies.
The recent developments in the cryptocurrency market have implications for Bitcoin’s future price movements. For example, Bitcoin ETFs saw net inflows exceeding $300 million, mirroring the trend seen earlier in the week. These inflows represent new capital entering the Bitcoin market, driving prices higher as ETF providers purchase Bitcoin to back their funds.
With buying pressure from ETFs and no major selling activities, Bitcoin’s price is likely to see upward momentum. This influx of new money is a positive indicator for Bitcoin’s market outlook.
$63,000 to $64,000– Bitcoin recently closed above this critical area of resistance, signaling bullish momentum.
$64,300 to $64,900– The golden pocket area of resistance based on the Fibonacci retracement tool.
$67,000 to $68,000– The next significant area of resistance.
$72,000 to $74,000– A higher resistance zone that could be tested if the bullish trend continues.
$63,000 to $64,000–This range will now act as a support zone.
$60,000 to $61,000– Additional support if Bitcoin experiences a short-term pullback.
The next major liquidation targets are around $67.4k to $67.7k. As the price approaches these levels, we can expect increased buying activity, pushing Bitcoin higher.
While bullish factors dominate, potential bearish elements exist, such as the Mt. Gox repayments. The defunct exchange is beginning to return 130,000 Bitcoin to creditors, which could introduce selling pressure if recipients decide to liquidate their holdings.
Recently, the German government sold its Bitcoin holdings, causing temporary price dips. However, the market quickly rebounded as this selling pressure subsided.
Read Also: Mt. Gox Creditors Under Attack Amid Billion-Dollar Payouts
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