10x Research: Bitcoin Surge Beyond $67.5K Could Signal a Rally Towards Unprecedented Highs
Crypto News– If Bitcoin decisively climbs above the crucial $67,500 mark, it could potentially initiate a rally towards new all-time highs.
According to a report by Markus Thielen, the head of research at 10x Research, the $67,500 level is serving as a significant resistance line for Bitcoin. This could have implications for its price trajectory in the coming weeks.
A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.
Markus Thielen
The forecasts follow Bitcoin’s notable rebound above the psychological $66,000 threshold. According to TradingView, the world’s first cryptocurrency has surged by more than 7.3% over the past week.
Thielen also commented on last week’s price recovery, stating, A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.
Meanwhile, inflows from US spot Bitcoin exchange-traded funds (ETFs) stayed positive for the second straight week. According to Dune, these ETFs gathered over $200 million in cumulative net inflows, marking a decrease from the previous week’s $413 million.
Institutional Inflows Propel Bitcoin Rally to New Highs
Institutional inflows from ETFs played a significant role in driving the recent Bitcoin rally to new all-time highs. By February 15th, Bitcoin ETFs represented approximately 75% of the new investments in the world’s largest cryptocurrency as it exceeded the $50,000 milestone.
Resistance at $67,500: A Key Challenge for Bitcoin
Bitcoin encounters notable resistance at the $67,500 level. A potential breakthrough above this threshold could trigger the liquidation of nearly $300 million worth of leveraged short positions across all cryptocurrency exchanges, as reported by CoinGlass.
Tether’s Freshly Issued USDT Might Propel Bitcoin’s Price Upward
According to a May 16th post by renowned crypto analyst Rekt Capital, Bitcoin has successfully converted a significant resistance level into support on the monthly chart. This development could indicate further bullish momentum for the cryptocurrency.
The timing of this shift coincided with Tether’s creation of $1 billion worth of its USDT stablecoin on May 17th, bringing its total issuance for the year to $31 billion.
Tether could also play a direct role in fueling Bitcoin’s rally. The company announced its intention to allocate 15% of its net profit to invest in Bitcoin, aiming to diversify the assets backing the stablecoin.
On March 31st, Tether acquired 8,888 BTC valued at $618 million, solidifying its position as the seventh-largest holder of Bitcoin globally, as reported by BitInfoCharts.
FAQs
What is the significance of Bitcoin surging beyond $67.5K?
A surge beyond $67.5K could potentially lead Bitcoin to achieve new record highs, marking a significant milestone for the cryptocurrency.
What could trigger Bitcoin’s surge to fresh record highs?
The surge could be ignited by a decisive breakthrough above the crucial $67,500 mark, which might signify increased bullish momentum in the market.
How has Bitcoin’s price behaved recently?
Bitcoin’s price has been showing signs of strength, with the potential to rally beyond the $67,500 level and reach new record highs.
For the latest in crypto updates, keep tabs on Crypto Data Space.
Leave a comment