#BTCBreaks66000

Bitcoin has gone past the sixty six thousand dollar mark for the time in over a month. Now Bitcoin is trading around sixty six thousand and ten dollars. This is after it went up by three point two six percent in the twenty four hours. This move is like a fifteen percent recovery from the lows we saw in July. It is also a deal for the leading cryptocurrency.

There are a reasons why Bitcoin is doing well.

* ETF inflows are back: we saw net inflows of over one point two billion dollars this week. BlackRocks IBIT got one hundred sixteen point five million dollars in one day. This shows that big institutions are interested in Bitcoin again.

* Things are looking up on the front: there is progress on the CLARITY Act. Trump has agreed to include ethics provisions. The bill has passed the House. Now it is time for the Senate to vote.

* breakout: Bitcoin has broken out of a downward trend that lasted for weeks. This is good for the term.

If we look at the chart of Bitcoin against the USDT we can see that Bitcoin has broken through a resistance level. It is trying to establish a range. The next level of resistance is between sixty seven thousand four hundred dollars and sixty eight thousand dollars. There are a lot of positions around the current level. If Bitcoin can stay above sixty six thousand dollars it could lead to a squeeze and the price could go up even more.

However the trading volume has actually gone down by four point two percent in the twenty four hours. This means that the rally is not very strong. We should be careful because during the summer the markets can be thin and choppy.

The good thing is that Bitcoin has gone above sixty six thousand dollars. This is because of the money coming in from institutions the good news on the front and the technical improvement.. We should not forget that the summer is not over yet and the volume is still thin.

If we are optimistic we can say that Bitcoin could go up to sixty eight thousand dollars or more if it can stay above sixty six thousand dollars.

If we are cautious we can say that the breakout might not be real or it could lead to a pullback.

The likely case is that Bitcoin will keep going up but with some ups and downs as the market digests the recent gains and waits for more news.

Bitcoin going above sixty six thousand dollars is a thing after a period of consolidation. The fact that institutions are buying Bitcoin and that there is progress on the front is a good sign.. Traders should be careful and watch out for thin summer volume and potential pullbacks.

We should keep an eye, on Bitcoin in the days to come as it tests the next level of resistance and the market decides if the current momentum is sustainable.

‍#Bitcoin #CryptoMarket @Gate_Square#SummerCreationCamp