Bitcoin Marches Towards $70k: Bullish And Bearish Arguments Explained
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Bitcoin is rebounding from a crucial support level, maintaining its long-term bullish trend. While Bitcoin remains in a larger bull market, ETFs are also making a mark with inflows. On Thursday, there was an inflow into spot Bitcoin ETFs, totaling nearly $85 million, which is an increase from the $53 million seen on Wednesday.
However, these figures are still lower compared to the inflows earlier in the week, where Monday and Tuesday saw multi-hundred million dollar inflows. Analyst Josh of Crypto World, dissected the Bitcoin chart and said that the SuperTrend indicator remains in the green, indicating a sustained bullish market on the larger time frames.
For a major bearish shift to happen, we would need a 4-day candle to close below $55.8K, which hasn’t occurred yet. Therefore, the larger bullish market continues, just like past patterns where temporary dips didn’t lead to a confirmed trend reversal.
In shorter time frames, such as the 2-hour chart, recent bearish divergences played out over a couple of days before reversing. Despite the current bullish trend, there are short-term fluctuations. On the daily time frame, Bitcoin recently tested a previous resistance area, now acting as support, between $63K and $64K.
Looking ahead, resistance levels are identified around $67K to $68K, and further up between $72K and $74K. If Bitcoin were to dip below $63K, the next support would be between $61K and $60K.
Bitcoin is also attempting to break above a key short-term resistance, the golden pocket between $64.2K and $64.9K. At the time of writing, Bitcoin is trading above $66,500 and is up by more than three percent in the last 24 hours.
