Strong weekly close means bitcoin (BTC) ready to push higher

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As an experienced financial analyst, I believe we’re witnessing a significant turning point for Bitcoin. The past ten weeks have seen a period of consolidation and sideways price action, but the recent 7.7% surge has effectively canceled out the previous downward trend.

As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin has concluded its last four weekly trading sessions with higher closing prices than the previous ones. Having absorbed those past weekly closes, Bitcoin is currently attempting to break through the resistance level at $67,000.

Bitcoin consolidation coming to an end?

The conditions seem ripe for Bitcoin to experience further growth. After ten weeks of relatively stable price action, it appears that this trend may be coming to a close. Last week’s substantial 7.7% increase effectively erased the previous four weeks of minor fluctuations in price.

As a crypto investor, I’ve noticed the major stock markets reaching new record highs despite the Federal Reserve maintaining interest rates. The economy’s current state looks rather grim, and there’s a strong possibility that rate cuts could occur earlier than anticipated.

Spot Bitcoin ETFs back on song

Last week’s substantial influx of $948.3 million into Spot Bitcoin ETFs significantly boosted the optimism surrounding bitcoin prices. The previous inflows had been predominantly negative since mid-March, but this positive trend has noticeably improved the outlook for these ETFs.

Resistance battle 

At present, the price of Bitcoin is being supported by robust levels at $65,500 and $66,000. Overcoming the formidable resistance around $67,000 is all that’s left for the Bitcoin price to advance.

$BTC breaks top of bull flag

As a crypto investor, I’m thrilled to notice that the bitcoin price has managed to breach the resistance level of the bull flag formation. If this upward trend continues and the price stays above the significant support level of $65,500 – a key price point dating back to the end of 2022 – we can expect further gains in the near future.

Approximately $91,000 represents the anticipated advance and objective for the bull flag rupture, while $102,000 serves as the goal of the 1.618 Fibonacci sequence. It’s plausible that these targets may be achieved within the upcoming months. Furthermore, should the second wave from the Spot Bitcoin ETFs materialize in its entirety, we cannot rule out the possibility that this bitcoin bull market will continue to surge beyond these levels.

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2024-05-20 13:13