this is the weekly bitcoin update.
In the last update, I talked about the smart money continuing to buy and that the move would go higher, with targets of 69-70k, targets fully met and even exceeded, price was projecting the 72k zone.
Last week was positive for the market - etherium ETFs were approved, a cryptocurrency law was passed in the U.S., which may give the right to financial institutions such as pension funds to buy and store cryptocurrencies, as well as all week the inflow of money into bitcoin ETFs did not weaken and the amount of inflow amounted to about 1 billion dollars.
Seasonal analysis of bitcoin shows that June and July are pretty good months and 60% closed above the open.
Technically, the week closed well and the price is trading near the upper boundary of the global sidewall. Now the instrument may start consolidating to “accumulate gasoline”, for further breakdown of 72k. The key support is below 64k, where the main buyer's volumes passed, which pushed the movement and in case of going below, the uptrend will be broken. Therefore, for the continuation of growth it is important that the price remains above this zone. Always DYOR.
Stay tuned.
