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#BTCBreaks66000
Bitcoin Rebounds to $66k: Is the breakout confirmed? Or is this just the beginning of the bull cycle.
Bitcoin has broken above the $66,000 level for the first time in over a month, and technically, it's an exciting sign for the crypto market. Recovering approximately 15% from its July low, the rally has brought back some of the enthusiasm we haven't seen in a while. However, whether this rally has enough power to continue remains to be seen by traders.
The rally has been spearheaded by the return of spot bitcoin ETF inflows. There seems to be some renewed buying pressure from institutional investors as the market registered more than $1.2 billion in net inflows last week, with Blackrock's IBIT alone registering more than $116 million in inflows in a single trading day.
Moreover, there's been progress with crypto regulation in the US. With a deal being reached on the ethics part, the CLARITY act passed its first major hurdle and is inching towards a vote in the Senate, which is a good sign for institutional investors looking to get into the market.
Technical analysis indicates that BTC has managed to break out of a multi-week descending channel, often seen as a bullish pattern. A major area of resistance to keep an eye on would be $67,400-$68,000. However, a large amount of shorts have been built up around the current levels. If the momentum continues, we could see additional buying pressure through short liquidations.
However, all is not completely bright and sunny, as the trading volume over the last 24 hours has decreased, suggesting a lack of conviction among retail investors. Reduced volumes typically mean the market still needs time to consolidate before moving higher.
The next few days are crucial. Strong inflows of money from spot ETFs would likely propel this breakout, but if the volumes stay low, the BTC price might consolidate at the current levels before breaking out. What do you think is next for BTC? Do you see it entering a new phase or are we about to face strong resistance?
#Bitcoin #BTC #GateSquare