Bitcoin price action could remain flat for a while longer
Heeding information disclosed by Rakesh Upadhyay to news portal Cointelegraph, “Bitcoin is facing resistance above the psychological barrier of USD 70,000, but one positive sign is that the bulls have not given much ground to the bearish. This week, Bitcoin is down just under 1%.”
It has been noted that, “Bitcoin's thin movement in recent days has not hampered investments in spot Bitcoin exchange-traded funds. Data from Farside Investors shows more than $2.1 billion in net inflows into Bitcoin ETFs since May 14”
Along these lines, “Veteran trader Peter Brandt is bullish on Bitcoin relative to gold over the long term. In a post on X, Brandt said the relationship between gold and Bitcoin is likely to remain volatile for another 12-18 months, but after that, the rally could reach a new high where it takes 100 ounces of gold to buy one Bitcoin”
On the other hand, let's recall that “Bitcoin fell below the support line of the symmetrical triangle pattern on May 31, but bearish traders were unable to hold the lower levels. This suggests that bulls are still buying on the dips.”
Last and not least, “The bulls will have to push and hold the price above the triangle to get the upper hand. If they do so, the BTC/USDT pair could rise to the upper resistance of USD 73,777. The bulls might have a hard time getting above this barrier. But if they succeed, the pair could reach USD 80,000.”
SOURCES CONSULTED
Cointelegraph. BNB, AR, XMR, and TIA set to rally — Will Bitcoin's $70K breakout be the trigger?. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
I am really quite optimistic that the future of bitcoin is definitely great if only it can really be well managed and cultured. But well let's see how it will actually goes and play out