As Bitcoin tests the critical resistance level at $66,000, a potential breakout may signal the beginning of a new bull run. The rising flow of funds into spot Bitcoin ETFs and growing interest from institutional investors is creating upward pressure on Bitcoin’s price.
Bitcoin is currently trading at a key resistance point, struggling to break above. This suggests that a strong price breakout could be imminent.
Spot Bitcoin ETF Inflows Drive Price Surge
On Monday, a significant inflow of funds into spot Bitcoin ETFs was recorded, which is seen as one of the main reasons behind Bitcoin’s recent price jump. The increased interest from institutional investors is exerting strong upward pressure on BTC.
Bitcoin recently exited a double bottom formation, aiming for the $67,000 level. However, the resistance between $67,000 and $68,000 remains a critical hurdle that Bitcoin needs to overcome.
Is Bitcoin Poised for a New Bull Market?
According to analyst Josh, Bitcoin is testing a crucial downward resistance level near $66,000. If this barrier is breached and the $68,000 level is also surpassed, Bitcoin could gain stronger momentum, pushing it towards higher levels. This development could potentially mark the start of a long-awaited bull market. Currently trading at $67,200, Bitcoin is moving in line with the trend the analyst has outlined.
The daily chart shows a potential “cup and handle” formation. If confirmed, this could propel Bitcoin’s price toward the $80,000 level. Completing this formation could accelerate Bitcoin’s upward movement.
Volatility Persists Amid Resistance
Recently, Bitcoin’s fluctuations between $66,700 and $67,500 have caused many investors to close their positions. This has increased market volatility and the lack of liquidity has made price movements more unpredictable. Until new funds enter the market, this volatility is expected to persist.
As Bitcoin approaches these key levels, investors are closely watching whether the cryptocurrency will break out and enter a new bull market. Stay updated with the latest crypto trends and insights on Turkish NY Radio.
