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Bitcoin bulls charge toward $68,000 as BTC price eyes 2021 all-time highs around $69,000. BTC price briefly surged above $68,000 during the early Asian trading hours on Monday July 22 before settling around $67,000. At the time of writing, the big crypto was trading at $67,353, up 0.83% over the last 24 hours.
Bitcoin’ price action follows Unites States President Joe Biden’s announcement of not running in the upcoming election which is viewed as potentially favorable for the digital asset industry, regardless of the election outcome, among some traders.
However, this dropped the odds Republican candidate and former President Donald Trump from Sunday’s 71% to 65% in Asian morning hours Monday on the crypto betting application Polymarket. Meanwhile, odds of sitting Vice President Kamala Harris rose from 16% to 30%.
Market analysis and commentators expect BTC to continue to rally in the mid-long term till the 2024 election.
Another factors behind Bitcoin’s upward momentum is the substantial inflows into US-based spot Bitcoin ETFs with these investment products loggin more than $382 million in net inflows on Friday, July 19.
This marked the eleventh consecutive day of positive flows on Friday, with BlackRock’s IBIT accumulating nearly $19 billion in net inflows since inception, according to data from Farside Investors.
In total, the market has witnessed record net inflows exceeding $17 billion, reflecting heightened institutional interest and confidence in bitcoin as an asset class.
Bitcoin price continues to trade in a V-shaped recovery chart pattern following a 25% drawdown from $72,000 to set s swing low at $53,500.
A V-shaped recovery refers to a type of price drop and recovery that resembles a 'V' shape in charting. It involves a sharp rise back to a peak after a sharp decline.
After dropping drastically from the resistance at $72,000 to set a swing low at $53,499, the price has embarked on a sharp recovery, leading to the formation of a V-shaped recovery chart pattern as shown in the chart below.
At the time of writing, the price was fighting to hold above the support provided by the $65,000 psychological level. A daily candlestick close above this level will open the door for a rise toward the $70,000 psychological level and later to the resistance at $72,000, completing the V-shaped recovery pattern
Breaching this level, the bills may push the price higher to retest the March 14 all-time high of $73,794,. Such a move would represent a 10% uptick from the current price.
Supporting this positive outlook was the of the relative strength index in the positive zone close to the overbought region. The price strength at $64 suggested that the bulls were currently dominating the market.
On the downside, failure to hold above the $66,000 level would suggest the inability of the bulls to sustain the uptrend. The price will then drop first toward $64,000 and later go lower to seek solace from the 50-day EMA and 100-day EMA, both currently sitting around the $63,000 demand zone.
