Bitcoin’s Price Poised for New ATH after $67,500 Resistance Level: 10x Research
Bitcoin’s price is poised to surge to new ATHs if it can successfully surpass the critical $67,500 level, which is currently acting as a significant resistance point.
According to Markus Thielen, the head of research at 10x Research, breaking through this level could pave the way for a bullish rally.
He said that the recent recovery of Bitcoin above the psychological threshold of $66,000 is seen as a positive sign for its price action.
Over the past week, the leading cryptocurrency has witnessed a growth of more than 7.3%.
Thielen emphasizes that a breakthrough above $67,500 has the potential to drive Bitcoin to new all-time highs, further validating their Bitcoin ETF model’s projections.
In the United States, spot Bitcoin exchange-traded funds (ETFs) have experienced positive inflows for two consecutive weeks.
These ETFs have accumulated a net inflow of over $200 million, although it is half the amount compared to the previous week’s $413 million.
Prior to the week starting May 6, Bitcoin ETF net flows had witnessed three consecutive weeks of negativity.
Institutional inflows through ETFs have played a significant role in Bitcoin’s recent rally to new all-time highs.
By February 15, Bitcoin ETFs accounted for approximately 75% of new investments in the world’s largest cryptocurrency, surpassing the $50,000 mark.
However, Bitcoin faces substantial resistance at the $67,500 level.
A potential breakthrough would liquidate nearly $300 million worth of leveraged short positions across various crypto exchanges, reports CoinGlass.
Analyzing the monthly chart, Bitcoin has successfully converted a crucial resistance level into support, indicating a potential increase in bullish momentum, as highlighted by popular crypto analyst Rekt
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