Bitcoin Bullish Trade Set Up Playing Out, Need to Break Through These Levels to Reach $75,000

The Bitcoin price displayed a fascinating move by breaking above the lower highs & lows and is trying very hard to approach the crucial resistance area. The star token is now heading towards one of the pivotal levels where it has faced immense opposition in the past couple of times. These areas are the final resistance before the ATH; hence, breaking them may trigger a huge bull run. However, the bulls are gaining back the power, so a major price action appears to be fast approaching.

Since the spot Bitcoin ETF was launched, the inflows and outflows have significantly impacted the BTC price. The prices propelled above the accumulation zone after the ETF inflows skyrocketed but consolidated as they dropped. A similar inflow has been recorded in the past few hours as a total netflow worth over $800 million. As per the data from Coinglass, Bitcoin ETFs saw a massive inflow of 12.88K BTC, of which Fedility’s FBTC was the leader with over 5.50K BTC. 

These numbers were recorded after a gap of nearly 10 to 12 days where the BTC price consolidated above the key support zone. Now that the inflows have again surged, the price has also incurred marginal gains. However, the bears have capitulated on the critical resistance at $71,500 and have successfully squashed the previous attempts to clear them. Currently, the bears are trying hard to restrict the rally below $71,000 and if the bulls display their weakness at this stage, another bearish pull below $68,000 may be imminent. 

As seen in the above chart, the BTC price has risen above the Gaussian channel, suggesting the beginning of a fresh upswing. Besides, the stochastic RSI is heading towards the upper resistance, indicating there is more scope for a strong ascending trend. As the price is trading within a rising parallel channel, the average band at $69,300 may offer the required base to trigger a healthy rebound, in case of a bearish pullback. 

Collectively, the Bitcoin (BTC) price appears to have triggered a sustainable ascending trend and if the volume remains favourable, a new ATH above $75,000 may be on the horizon.

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