🚨Bitcoin Rebounds, But How Far Will It Go?

✅Bitcoin, always ready to surprise, recently tested a crucial support level. This development could well be the beginning of a new bullish phase for the crypto asset, which is generating increased interest from investors. Details below!

🚨A decisive rebound for bitcoin

✅After touching the support level at $63,193.80, Bitcoin signaled a bullish trend reversal . This point, having already served as a strong support during previous pullbacks, was a clear indicator of a potential significant rebound for the currency.

✅The repetitive nature of this support shows investors’ confidence in the currency’s ability to stabilize and move forward after periods of volatility. Price predictions now point to a target of $71,972.46. Market trend analysis indicates that the crypto asset could even target its all-time high of $73,835.57 if current conditions persist.

🚨Factors supporting the upward trend

✅One of the key factors supporting bitcoin’s recent surge is the growing interest in bitcoin ETFs. According to crypto analyst Ali, demand for spot bitcoin ETFs is outpacing available supply, reflecting an intense accumulation phase. This appetite for ETFs, combined with limited post-halving supply, has created an imbalance that is favorable for a price rally.

✅Fundamental indicators, such as Market Value to Realized Value (MVRV), also support this bullish trend. Glassnode reports that MVRV remains positive, indicating healthy and optimistic market sentiment over the long term. This backdrop is reinforced by the possibility of short positions being liquidated. According to the latest data, a liquidation target at $65,200 could be reached, potentially freeing up $42.16 million in short positions. This phenomenon adds to the bullish sentiment and may contribute to upward price momentum.

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