bullish

Bitcoin

Resistance

<p>Recent analysis shows that Bitcoin has officially broken out from important resistance levels. <a href="https://www.youtube.com/watch?v=T_BLZGqqqhM" target="_blank" rel="noreferrer noopener nofollow">According to analyst Josh of Crypto World</a>, this bullish trend follows a period of lower highs and lows, signaling a shift towards a more sustained bullish market. However, on smaller time frames, Bitcoin is beginning to show overbought signals, which could lead to some traders getting trapped in unfavorable positions.</p>   
<h2 class="wp-block-heading" id="h-whale-activity-and-etf-inflows"><strong>Whale Activity and ETF Inflows</strong></h2>   
<p>Interestingly, while some short-term traders might panic sell during price fluctuations, Bitcoin whales continue to accumulate large amounts of Bitcoin. The recent net inflow into <a href="https://coinpedia.org/news/bitcoin-etf-inflow-surges-by-555-90m-is-this-behind-btc-price-rally/" target="_blank" rel="noreferrer noopener">U.S. spot Bitcoin ETFs</a> was substantial, with nearly half a billion dollars flowing in just this past Wednesday. For the week, net inflows have totaled around $1.4 billion over just three trading days. BlackRock, a major player in the ETF space, has been a major buyer, purchasing hundreds of millions of dollars in Bitcoin.</p>   
<h2 class="wp-block-heading" id="h-current-resistance-levels"><strong>Current Resistance Levels</strong></h2>   
<p>Looking at the charts, Bitcoin faces major resistance <a href="https://coinpedia.org/price-analysis/rising-selling-pressure-builds-strong-resistance-at-68k-for-bitcoin-will-btc-price-meet-buyers-demand/" target="_blank" rel="noreferrer noopener">in the range of $67,000 to $68,000</a>. A confirmed breakout above $68,000, with a daily candle close above this level, could set the stage for Bitcoin to reach new all-time highs between $72,000 and $74,000 in the coming weeks.</p>   
<h2 class="wp-block-heading" id="h-pullbacks-and-support-levels"><strong>Pullbacks and Support Levels</strong></h2>   
<p>If Bitcoin encounters a rejection at these resistance levels, important support zones to watch include $64,100 to $64,500 and potentially around $66,000, where previous resistance may now act as support. Overall, while the momentum remains bullish, the market could face some challenges at these key price points.</p>   [post_titles_links postid="368164"]   
<h2 class="wp-block-heading" id="h-bullish-divergence-and-short-term-cool-offs"><strong>Bullish Divergence and Short-Term Cool-Offs</strong></h2>   
<p>On the 8-hour chart, a bullish divergence is still in play, indicating that bullish sentiment could persist. However, the RSI is showing overbought signals, suggesting a possible short-term cool-off. This cooling period might manifest as slight pullbacks or sideways consolidation, allowing the RSI to reset and create more room for upward movement later on.</p>

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