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

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

Table of Contents

Bitcoin closed higher than the previous 4 weekly candles, and having consumed these previous weekly closes, the king of the cryptocurrencies is pushing at the $67,000 resistance level.

Bitcoin consolidation coming to an end?

The stage is set for bitcoin to go higher. Ten weeks of sideways accumulation and consolidation look as though they might have come to an end. A 7.7% rise during the course of last week was enough to cancel out the last 4 weeks of sideways and downwards choppiness in price.

The major stock markets have returned to all-time highs as liquidity continues to flow into the system, even though the Federal Reserve keeps rates unchanged. With the economic outlook quite bleak, it might be that rate cuts will take place sooner than later. 

Spot Bitcoin ETFs back on song

A whole week of positive inflows into the Spot Bitcoin ETFs was a helpful impetus for the $BTC price. A total inflow of $948.3 million for last week meant that things are now looking far rosier for the ETFs, after generally weak and negative inflows had dominated since mid-March.

Resistance battle 

Source: Coingecko/TradingView

The support underneath the current price, at $65,500 and $66,000 is holding strong. It just remains for the $BTC price to battle through the strong resistance at around $67,000.

$BTC breaks top of bull flag

Source: Coingecko/TradingView

Importantly, it would appear that the $BTC price has broken through the top of the bull flag. Should the price hold above this, and also above the $65,500 support which goes all the way back to the end of 2022, it is likely to be onwards and upwards from here.

Around $91,000 would be the measured move and target for the bull flag breakout, and $102,000 is the target of the 1.618 fibonacci level. Possibly, both of these targets could be met in the next few months. Also, if the second wave from the Spot Bitcoin ETFs properly kicks in, who knows how much further this bitcoin bull market could go?

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice. 

Investment Disclaimer
Related Topics: 

You may like