Bitcoin rise above US$67,500 could trigger new records, says 10x Research
Bitcoin may be on the verge of a rally to new records, but it still has significant resistance to overcome.
Bitcoin price could start climbing to new all-time highs if it manages to rise decisively above the crucial $67,500 mark.
The $67,500 mark is acting as a significant resistance line for Bitcoin, which could determine its price action in the coming weeks.
The predictions come after Bitcoin made a significant recovery above the psychological $66,000 mark. The world's first cryptocurrency is up more than 7.3% during the past week.
Last week's price recovery is a promising sign for Bitcoin price action.
Inflows into US Bitcoin exchange-traded funds (ETFs) remained positive for the second week in a row as ETFs accumulated over $200 million in cumulative net flows, which is only half compared to the previous week's US$413 million.
Prior to the week beginning May 6, Bitcoin ETF net flows had been negative for three consecutive weeks.
Institutional ETF inflows have been a significant part of Bitcoin's current rally to new all-time highs. As of February 15, Bitcoin ETFs accounted for about 75% of new investments in the world's largest cryptocurrency as it surpassed the $50,000 mark.
However, Bitcoin faces significant resistance at the $67,500 mark. A potential move above would liquidate nearly $300 million in leveraged short positions across all cryptocurrency exchanges.
Newly issued USDT could boost Bitcoin price
On the monthly chart, Bitcoin turned key resistance into support, which could signal more bullish momentum, according to a May 16 X post from popular cryptocurrency analyst Rekt Capital.
