Bitcoin has recently exceeded $72,000 amid anticipation of Ethereum ETF approval. Analysts anticipate Bitcoin may consolidate over the next few weeks, with a crucial short-term support level seen at around $67,500.
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Bitcoin (BTC) recently climbed above $72,000 in the US as hopes grew for the approval of a spot Ethereum ETF. However, the increase faced selling pressure, causing the price to drop back below $70,000. Historical patterns suggest that BTC has not yet started an upward trend and is currently in a phase of consolidation.
Bitcoin’s Current Market Analysis and On-Chain Insights
Leading cryptocurrency analyst Rekt Capital has pointed out that a weekly candle close above $71,500 could trigger a breakout from Bitcoin’s consolidation range. However, historical models indicate that Bitcoin may continue consolidating within this range for several more weeks, aligning with past block reward halving cycles.
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Courtesy Analyst Rekt Capital
Extended consolidation periods could potentially synchronize Bitcoin’s price action with historical block reward halving cycles, potentially extending the ongoing bull market. Rekt Capital highlighted that the current cycle momentum stands at around 190 days, showing improvement from the 260-day momentum observed in mid-March. This prolonged consolidation, while awaited for a breakout by investors, supports the historical pattern and may contribute to a sustained bullish trend.
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Another experienced cryptocurrency analyst, Ali Martinez, emphasized the TD Sequential indicator, which has recently provided a buy signal for Bitcoin on the hourly chart. This indicator suggests that Bitcoin is poised for a recovery, adding to the optimistic sentiment among traders.
Also Read: Bitcoin's Price Holds at $66.9K; Reducing Fears of a Big Drop
Courtesy Analyst, Ali Martinez
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Furthermore, on-chain data analyst Ki Young Ju observed a notable trend among Bitcoin investors showing reluctance to sell. According to Ju, there is a growing perception of Bitcoin as a store of value rather than solely a trading asset, reflecting a shift in market sentiment towards long-term investment strategies.
Bitcoin Support Levels and Strong Spot ETF Inflows
In the short term, Bitcoin (BTC) faces a critical support level around $67,500. Maintaining this level and staying above it could potentially trigger a rally towards $74,500. However, failing to sustain this support might lead to a decline towards $64,000. Despite these fluctuations, positive market sentiment is bolstered by robust inflows into spot Bitcoin ETFs.
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Recent data indicates that total net inflows into spot Bitcoin ETFs reached $306 million on May 21, marking seven consecutive days of positive inflows. Grayscale’s ETF GBTC reported no net outflows during this period, while BlackRock’s ETF IBIT experienced a significant single-day inflow of $290 million. Additionally, the total net asset value of spot Bitcoin ETFs surged to $58.91 billion, highlighting strong investor interest and confidence in Bitcoin as a financial asset.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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