Bitcoin (BTC) is facing resistance above the psychological barrier at $70,000, but a positive sign is that the bulls have not ceded much ground to the bears. Bitcoin is down marginally by just under one percent this week.
Bitcoin’s range-bound action over the past few days has not hampered investments into the spot Bitcoin exchange-traded funds. Farside Investors data shows more than $2.1 billion in net inflows into the Bitcoin ETFs since May 14. This suggests that the investors are accumulating Bitcoin, anticipating a breakout to the upside.
Crypto market data daily view. Source: Coin360
Veteran trader Peter Brandt is bullish on Bitcoin in relation to gold in the long term. In a post on X, Brandt said that the ratio of gold to Bitcoin is likely to remain volatile for another 12-18 months, but after that, the rally could hit a new high where 100 ounces of gold is needed to buy one Bitcoin. Currently, each Bitcoin is worth about 29 ounces of gold.
Could Bitcoin bounce off the important support levels, pulling the cryptocurrency markets higher? Let’s study the charts of the top five cryptocurrencies that may lead the recovery.
Bitcoin price analysis
Bitcoin dipped below the support line of the symmetrical triangle pattern on May 31, but the bears could not sustain the lower levels. This suggests that the bulls continue to buy on dips.
BTC/USDT daily chart. Source: TradingView
The bulls will have to push and maintain the price above the triangle to gain the upper hand. If they do that, the BTC/USDT pair could rise to the overhead resistance of $73,777. The bulls may find it difficult to overcome this barrier. But if they do, the pair could surge to $80,000.
Contrarily, if the bulls fail to achieve a strong rebound off the current level, it will increase the likelihood of a break below the triangle. The pair might then slump to the 50-day simple moving average ($64,956) and then to $61,000.
BTC/USDT 4-hour chart. Source: TradingView
Bitcoin has been trading between the 50-SMA and the support line of the symmetrical triangle pattern. The bears will try to strengthen their position by pulling the price below the support…
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