Bitcoin (BTC) is currently facing resistance around $70,000, but it started the week bullish and peaked at $71,957, showing a 13% gain over the past week. The increase in price was driven by inflows into Bitcoin spot ETFs and optimism about Ethereum spot ETF approval by the SEC. BlackRock’s IBIT has led the way in Bitcoin ETF inflows, capturing 94.86% of recent inflows totaling $280 million out of $305.7 million. This success, along with rising institutional interest in Bitcoin ETFs, indicates growing confidence in cryptocurrencies, which could boost BTC demand and have a positive impact on the broader crypto market.
Analyst Kaleo predicts that the true bull cycle for cryptocurrencies has yet to begin, with Bitcoin currently in an accumulation phase. He forecasts that Bitcoin could reach $150,000 to $200,000, and Ethereum might surge to around $12,000. Significant capital inflows are expected to ignite a frenzy in altcoins and decentralized applications. Despite recent dips in Bitcoin and Ethereum prices, Kaleo remains optimistic about substantial opportunities ahead. This bullish outlook is likely to drive increased investor interest and capital inflows, potentially boosting prices across the crypto market.
In terms of technical analysis, Bitcoin is currently trading at $69,563, with a bullish outlook. The 4-hour chart shows a pivot point at $68,944, with immediate resistance levels at $72,030, $73,734, and $75,480. Key support levels are at $67,549, $65,949, and $63,901. The RSI is at 55, indicating moderate momentum, while the 50 EMA supports a slight bullish bias. A break below $68,950 could trigger a sharp selling trend, but overall, the sentiment is bullish with potential resistance levels around $71,000 and $72,000.
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