With the Bitcoin price hovering close to its $65,000 mark, the cryptocurrency market has successfully regained momentum and is currently valued at $3.37 Trillion. Moreover, this has resulted in top altcoins recording a similar price action by adding significant valuation to their respective portfolios.
Further, with the Bitcoin spot ETFs recording a positive inflow for 14 out of 18 trading days this month, the BTC price displays a strong bullish action and is on the path to reclaiming the $70,000 mark within a short period.
Is BTC Price On The Verge Of A Major Break Out?
Despite recording a correction of approximately 1% within the past 24 hours with a trading volume of $31.059 Billion, the Bitcoin price has recorded a jump of 11.93% within the past seven days, highlighting a strong bullish rise in the crypto space.
Moreover, the market leader is on the path of testing the resistance neckline of its rounding bottom pattern in the 1D time frame, the outcome of which is unpredictable.
On the other hand, the BTC coin price is also hovering close to its important resistance trendline of the descending channel pattern, highlighting increased price action for the star crypto in the market.
Bitcoin (BTC) Market Sentiments:
The Moving Average Convergence Divergence (MACD) displays a constant rise in the green histogram with its averages recording a positive action. This indicates increased buying pressure for the BTC token within the crypto space.
The RSI indicator has experienced a neutral action below its overbought range. However, the average trendline displays a bullish action, suggesting a positive outlook this week.
Bitcoin ETF Plays A Key Role:
With a net inflow of $53 Million, the Bitcoin ETF has remained positive for the 9th consecutive day, indicating strong bullish influence in the crypto space.
Positively, Blackrock’s “IBIT” has received over $100 Million for the 4th straight day, highlighting increased positive sentiments, followed by Fidelity’s “FBTC” with an inflow of $2.8 Million over the past day.
On the negative side, Grayscale’s “GBTC” recorded a massive outflow of $53.9 Million after experiencing two neutral trading days.
Will BTC Price Rise Again?
Taking the current market sentiments into consideration, if the bulls continue to gain momentum, Bitcoin price will break out of its crucial resistance level and test its $67,775 mark.
Maintaining the price at that level could result in the star crypto heading toward its high of $73,750.07 during the upcoming weeks.
Will Bitcoin Price Fall Again?
However, if the bears overpowered the bulls, the BTC price will lose momentum and plunge toward its important support level of $60,000 in the coming time.
