Bitcoin Is Firm Amid A Mega Accumulation By Spot ETF Issuers
Bitcoin is stable when writing but has resistance at around the $71,700 zone. A bullish breakout might propel BTC to all-time highs
Bitcoin is steady in the last trading day and week. Though traders expect a price spike toward all-time highs, the coin keeps finding resistance. So far, the zone between $71,600 is proving to be a hard nut to crack for optimistic bulls. Still, the uptrend remains, and buyers have successfully soaked up selling pressure.
On the last day, BTC is flat but up 6% in the past trading week. Overall, the rejection of lower lows is a net positive for buyers. Even so, there must be a strong push higher. At press time, trading volume is down 25% to $31 billion. Participation will likely remain muted throughout the weekend till next week.
The following Bitcoin news events continue to make headlines:
- Data shows that new spot Bitcoin ETFs hold over 500,000 BTC in less than two months after trading. This milestone indicates that most investors are willing to get exposure but in a structured, regulated manner.
- Cybercriminals are now targeting Call of Duty players who cheat. Reportedly, hundreds of these gamers have had their BTC stolen.
Bitcoin Price Analysis
BTC/USD remains in a broader range, looking at the formation in the daily chart.
Even though buyers are confident, the uptrend momentum remains slow.
Technically, the bulls are in charge. However, for the trend to continue, there must be a conclusive close above $71,600.
A breakout with high volume might see the coin soar to $73,800 in a buy-trend continuation formation.
Conversely, immediate support is at $68,400.
Losses below this point might see the coin drop to $62,000.
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