Bitcoin (BTC) is showing recovery signs after recent declines, sparking investor optimism for a potential 20% rally. The cryptocurrency must convert a critical resistance level into support to sustain this rally. The coming days will be pivotal in determining its price trajectory.
Institutional interest in Bitcoin is increasing, with significant capital inflows into spot Bitcoin ETFs. This renewed appetite indicates a shift in market sentiment towards a bullish outlook, driven by both institutional and retail investors.
Long-term holders (LTHs) continue to express confidence in Bitcoin through consistent accumulation, enhancing its macro momentum. This suggests a belief in Bitcoin's potential for price appreciation, further supported by reducing circulating supply.
Currently, Bitcoin is trading below the neckline of a double-bottom pattern formed previously. For the predicted 20% rally to materialize, it must rise above certain resistance levels. Flipping the $65,000 mark into support could trigger further price increases.
If Bitcoin fails to surpass the critical $63,068 resistance, its price might decline, potentially leading to a deeper correction and undermining the bullish outlook.
Fuente: beincrypto.com ↗