Bitcoin ETF

Bitcoin

Rekt

Bitcoin’s price could start rallying to new all-time highs if it manages to decisively rise above the crucial $67,500 mark.
The $67,500 level is acting as a significant resistance line for Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), which could determine its price action in the coming weeks, <a href="https://mail.10xresearch.co/p/bitcoin-greed-fear-index-turns-bullish-favorite-trade" target="_blank" rel="noopener nofollow">according</a> to a May 20 report by Markus Thielen, the head of research at 10x Research.
Thielen wrote:
<blockquote data-ct-non-breakable="true">
 “A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”
</blockquote>
The predictions come after Bitcoin staged a significant recovery above the $66,000 psychological mark. The world’s first cryptocurrency is up over 7.3% during the past week, <a href="https://www.tradingview.com/chart/3Z94myyP/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener nofollow">according</a> to TradingView.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/fd09db41-d36e-47e6-891b-987f4708fc64.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT, 1-day chart. Source: TradingView
 </figcaption>
</figure>
Last week’s price recovery is a promising sign for Bitcoin’s price action, added Thielen:
<blockquote data-ct-non-breakable="true">
 “A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”
</blockquote>
Inflows from the United States spot Bitcoin exchange-traded funds (ETFs) remained positive for the second consecutive week, as the ETFs amassed over $200 million worth of cumulative net inflows, which is just half compared to the previous week’s $413 million, <a href="https://dune.com/hildobby/btc-etfs" target="_blank" rel="noopener nofollow">according</a> to Dune.
Before the week beginning May 6, Bitcoin ETF net flows had been negative for three consecutive weeks.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/6b31c1db-bc98-4256-a333-0e992588d0b0.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF Net Flows, Weekly, Source: Dune
 </figcaption>
</figure>
Institutional inflows from ETFs were a significant part of the current Bitcoin rally to new all-time highs. By Feb. 15, <a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment">Bitcoin ETFs accounted for about 75%</a> of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.
However, Bitcoin faces significant resistance at the $67,500 mark. A potential move above would liquidate nearly $300 million worth of leveraged short positions across all crypto exchanges, <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">according</a> to CoinGlass.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/05a9ba41-8003-4bbe-a5d2-b38e2c8b70e6.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange liquidation map. Source: CoinGlass
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/over-80-binance-token-listings-loss-red">Over 80% of recent Binance token listings are bleeding red</a>
<h2 data-ct-non-breakable="true" id="tether-s-newly-minted-usdt-could-boost-bitcoin-price">Tether’s newly-minted USDT could boost Bitcoin price</h2>
On the monthly chart, Bitcoin has flipped an important resistance into support, which could signal more bullish momentum, according to a May 16 X post by popular crypto analyst Rekt Capital. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/aa8f30c4-5fa5-4dc9-9af6-f3658ed32da8.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-month chart. Source: <a href="https://x.com/rektcapital/status/1791030706010747213" target="_blank" rel="noopener nofollow">Rekt Capital</a>
 </figcaption>
</figure>
The move happened as Tether minted $1 billion worth of its Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) stablecoin on May 17, bringing its yearly total to $31 billion of newly issued USDT.
The newly minted USDT was a big reason why <a href="https://cointelegraph.com/news/tether-1b-usdt-mint-bitcoin-price-73k">Bitcoin price climbed from $27,000 to $73,000</a>, according to a May 17 post from Lookonchain:
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/d49731df-2f6f-4d07-a057-1dacec5a71dc.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin chart with newly-minted USDT. Source: <a href="https://x.com/lookonchain/status/1791350139451478418" target="_blank" rel="noopener nofollow">Lookonchain</a>
 </figcaption>
</figure>
Tether could also directly contribute to Bitcoin’s rally. The company said it would invest 15% of its net profit in Bitcoin to diversify the stablecoin’s backing assets. 
<a href="https://cointelegraph.com/news/tether-boosts-bitcoin-reserves">Tether acquired 8,888 BTC</a> on March 31, worth $618 million, making the stablecoin issuer the seventh-largest Bitcoin holder in the world, <a href="https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html" target="_blank" rel="noopener nofollow">according</a> to BitInfoCharts.
Magazine: <a href="https://cointelegraph.com/magazine/trader-turns-3k-into-46m-pepe-ethereum-gas-overhaul-tornado-cash-dev-guilty-hodlers-digest-may-12-18/">Trader turns $3K into $46M in PEPE, Ethereum gas overhaul, Tornado dev guilty: Hodler’s Digest, May 12-18</a>

Bitcoin rally above $67.5K could spark new record highs, says 10x Research

Table of Contents

Cointelegraph

Other articles published on May 20, 2024

FLOKI listed on Binance Thailand as KangaMoon eyes CEX listing

Milei Moneda ($MEDA) Guarantees 10x Presale Returns And Receives Huge Investments From Ethereum A...

Meme Coins: Top 5 to Buy for Big Gains Today

StakeStone’s Omnichain Carnival: BNB Eco Wave starts with BNB Chain Airdrop Alliance

Bitcoin Struggles at $67,000 Mark

Bitcoin Price Fluctuation Influences Altcoins and XRP Coin Surpasses $0.523

Join our free newsletter for daily crypto updates!