10x Research says Bitcoin could set new highs if it rebounds above $67,500. Research director Max Theron noted that Bitcoin may be on the verge of a rally to new record highs, but there is still a major resistance to overcome.
If Bitcoin’s price can decisively break through the key $67,500 level, its price could begin its march toward new all-time highs. The $67,500 level is an important resistance line for Bitcoin, which could determine price action in the coming weeks, according to a May 20 report from 10x Research head of research Tyron.
“A break above $67,500 could lead to a new all-time high, which is what our Bitcoin ETF model predicts,” Taillon wrote. The prediction comes after Bitcoin made a sharp recovery and returned above the psychological $66,000 mark. The world’s first cryptocurrency has risen more than 7.3% over the past week, according to TradingView data.
Taillon added that last week’s price recovery is a promising sign for Bitcoin’s price action: “A break above $67,500 could lead to a new all-time high, which is what our Bitcoin ETF model predicts.” According to Dune data, inflows from U.S. spot Bitcoin exchange-traded funds (ETFs) remained positive for the second consecutive week, with ETFs accumulating net inflows worth more than $200 million, just half of the $413 million seen the previous week.
Prior to the week beginning May 6, Bitcoin ETF net flows had been negative for three consecutive weeks. Institutional inflows from ETFs are an important component of Bitcoin’s current rally to all-time highs. As of Feb. 15, Bitcoin ETFs accounted for approximately 75% of new investment in the world’s largest cryptocurrency, which broke the $50,000 mark.
Bitcoin faces significant resistance at the $67,500 mark. According to CoinGlass, a break above this level would liquidate nearly $300 million worth of leveraged short positions across all cryptocurrency exchanges. According to a May 16 post by prominent cryptocurrency analyst Rekt Capital, on the monthly chart, Bitcoin has turned a significant resistance level into support, which could signal more bullish momentum.
The move comes as Tether minted $1 billion worth of Tether USD. On May 17, the annual total of newly issued stablecoins reached $31 billion. According to a May 17 post by Lookonchain, newly minted USDT was a big reason why the price of Bitcoin climbed from $27,000 to $73,000. Tether may also directly contribute to the rise of Bitcoin. The company said it will invest 15% of its net profits in Bitcoin to diversify its stablecoin-backed assets.
According to Bitinfocharts, Tether acquired 8,888 bitcoins worth $618 million on March 31, making the stablecoin issuer the seventh-largest bitcoin holder in the world.
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