Bitcoin Surges 25% Despite Major Spot ETF Outflows: Up Next $66,000?
Bitcoin is up 25% from this lows, breaking above the psychological round number at $60,000. At this pace, BTC may fly to $66,000
Bitcoin is firm at spot rates, completely reversing losses of early this week and, most importantly, trending above the psychological resistance, now support, at $60,000. As bulls press on, it is ideal that buyers sustain this uptrend by rejecting sellers attempting to push prices lower.
When writing, buyers are beginning to take shape. Notably, Bitcoin is up nearly 25% from this week’s low, propelling gains from the last day to over 6%. At the same time, losses of the past seven days have been trimmed to nearly 5%. Interestingly, the leg up is also amid expanding trading volume, now at over $43 billion.
The following Bitcoin news events are worth tracking:
- In a major endorsement of crypto and Bitcoin, Russia approved mining operations within its territory. The decision could see farms migrate to Russia, taking advantage of the cool temperature and low energy costs, further fortifying the network.
- Even as prices recover, spot Bitcoin ETFs continue to post outflows, although at a slower pace. Yesterday, all ten issuers in the United States saw outflows of over $9 million.
Bitcoin Price Analysis
BTC/USD is firm, looking at the performance in the daily chart.
Although prices crashed below $53,500 in a bear breakout formation, the recovery on August 8 now raises questions about the strength of bears.
Thus far, the long lower wick of August 5 anchored bulls who have thus far unwound losses of early this week; a huge positive.
A breakout above $60,000 has set up the base for possible gains, lifting Bitcoin to $66,000 or better.
Even so, if prices drop over the weekend, forcing BTC below $60,000, bears will still have a chance.
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