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The current value of Bitcoin is at $63,872.99 with a slight dip of 0.37% in the last 24 hours but still has gained +9.35% in the last 7 days. While crypto markets continue to remain volatile, there is still a bull market outlook on Bitcoin itself.
With a market cap of about $1.26 trillion and a 24-hour trading volume of $18.89 billion, Bitcoin still remains the dominant one in the crypto market. However, with a bullish flag formation like this one, the prices may rise in the future despite minor fluctuations that have occurred recently.
One of the most important things for Bitcoin investors to look out for is the bullish flag formation which is usually indicative of an uptrend being sustained. At present, however, Bitcoin must trade above and close beyond this flag’s upper boundary as this will confirm its upward trend and generate more upward motion.
Bitcoin’s next major barrier is $68,000 and it occurs at Bullish flag resistance. If Bitcoin could break through and hold above this resistance level then that would confirm bullishness and potentially trigger a huge rally.
Should Bitcoin fail to break over the $68K mark, you should focus on the support at $61K. This level sits upon flat horizontal support thus enabling three-day-fillage-in-the-fair-value-gap making it an attractive point for dip buyers to get back into buying mode again.
The crucial resistance level of $67,300 according to Ali Martinez is determined by the MVRV Pricing Bands. Bitcoin could hit $80,500 if it crosses this hurdle making an important milestone and perhaps attracting more investors.
Another crucial indicator to keep an eye on is the possible golden cross in between RMVV Ratio and its 365-day Simple Moving Average (SMA). Historically, a golden cross signifies that Bitcoin is back into bullish territory leading to huge price increases.
If this golden cross happens it would strengthen the case for a big rally for Bitcoin in the coming weeks and months. This signal combined with a successful break above $68,000 resistance could mark the beginning of a new bull market phase.
According to a similar tweet, Bitcoin investors in the long haul who have been buying BTC for the past two years are now getting into what is referred to as “the banana zone.” At this point, those who did not sell when the market was volatile can now reap the rewards. Bitcoin is currently at a very crucial stage where it can make huge gains that will last through the rest of the year.
Conversely, Hong Kong has witnessed its first bitcoin exchange-traded funds (ETFs) cross 274 BTC worth $15M added to ChinaAMC ETF. Despite this being a modest growth compared to their US counterparts, industry experts remain positive that these ETFs still have more room to grow.
The slow reception in Hong Kong is due to lesser ETF choices compared to America. Nevertheless, this one-of-a-kind “in kind” creation process which uses actual cryptos for making new shares of an ETF might appeal more people over time and eventually further bolster Bitcoin prices.
