Cryptocurrencies

Bitcoin price could start to rise to all-time highs if it can

Bitcoin price could start to rise to all-time highs if it can decisively rise above the crucial $67,500 mark.

The $67,500 level acts as an important resistance line for Bitcoin (BTC), which could determine the price action in the coming weeks, according to a report released on May 20 by Markus Thelen, head of research at 10x Research.

Thelen wrote:

“A break above $67,500 would likely lead to new all-time highs, which is the scenario our Bitcoin ETF model predicts.”

This forecast comes after Bitcoin made a significant recovery above the psychological level of $66,000. The world’s first cryptocurrency has risen more than 7.3% over the past week, according to TradingView.

BTC/USDT, 1-day chart. Source: Trading View

Thelen added that last week’s price rebound is a promising sign for Bitcoin’s price movement:

“A break above $67,500 would likely lead to new all-time highs, which is the scenario our Bitcoin ETF model predicts.”

Inflows from U.S. Bitcoin exchange-traded funds (ETFs) remained positive for the second week in a row, with ETFs amassing more than $200 million in cumulative net inflows, just half compared to $413 million the previous week, according to For Dune. .

Prior to the week of May 6, net inflows into Bitcoin ETFs had been negative for three straight weeks.

Bitcoin Price Could Start To Rise To All-Time Highs If It Can
Bitcoin ETF Weekly Net Flows, Source: Dune

Institutional inflows from ETFs have been a significant part of Bitcoin’s current rally to all-time highs. By February 15, Bitcoin ETFs accounted for about 75% of new investment in the world’s largest cryptocurrency as it crossed the $50,000 mark.

However, Bitcoin is facing major resistance at the $67,500 level. The potential move higher would liquidate approximately $300 million of leveraged short positions across all cryptocurrency exchanges, according to CoinGlass.

Bitcoin Price Could Start To Rise To All-Time Highs If It Can
Bitcoin exchange filter map. Source: Coinglass

Related: More than 80% of recent Binance token listings are bleeding red

Tether’s newly minted USDT could boost Bitcoin’s price

On the monthly chart, Bitcoin flipped important resistance into support, which could indicate more bullish momentum, according to a May 16 post by popular cryptocurrency analyst Rekt Capital.

Bitcoin Price Could Start To Rise To All-Time Highs If It Can
BTC/USD, 1-month chart. Source: Reckitt Capital

The move occurred when Tether minted $1 billion worth of its stablecoin Tether (USDT) on May 17, bringing its annual total to $31 billion in newly issued USDT.

The newly minted USDT was a big reason why Bitcoin’s price rose from $27,000 to $73,000, according to a May 17 post from Lookonchain:

Bitcoin Price Could Start To Rise To All-Time Highs If It Can
Bitcoin chart with newly minted USDT. Source: LeConchain

Tether could also directly contribute to Bitcoin’s rise. The company said it will invest 15% of its net profits in Bitcoin to diversify the assets supporting the stable currency.

Tether held 8,888 bitcoins on March 31, worth $618 million, making the stablecoin issuer the seventh-largest bitcoin holder in the world, according to BitInfoCharts.

magazine: Trader turns $3K into $46M in PEPE, Ethereum Gas Fix, Tornado Developer Convicted: Hodler’s Digest, May 12-18

sh-hakam.com

I am HAKAM web developer. From here you will get a lot of valuable information for free and a call for updates to WordPress and Blogger so that your sites are accepted in Google AdSense and also proper mastery of SEO and the best for the easiest.

Leave a Reply

Your email address will not be published. Required fields are marked *