Just a few days ago, there was a lot of panic in the market as Mt.Gox attacked the market while the German government continued to sell the seized Bitcoins. Now that all the BTC have been sold, the market is optimistic about the launch of the spot ETF scheduled for July 23. With this, ETH price has triggered a good upward momentum while Bitcoin price has also gained one of the most important resistance zones. A weekly close above this area could signal the start of a new bull run.
Last weekend was extremely bullish for BTC price gains as bulls initiated a sharp rebound from a local bottom, ending a two-month-long downside consolidation. Since then, the price has been struggling to validate several higher highs and lower lows and has been successful. Additionally, spot BTC ETF inflows picked up with net inflows exceeding $1 billion, leading to the start of a strong price recovery.
After Reclaiming $64,000, Can BTC Bulls Lead Spot ETH ETFs to $66,800?
The daily chart of Bitcoin shows that the price has experienced a quick V-shaped rebound above the resistance zone between $62,987 and $63,733. Although the bears are trying their luck, the optimism surrounding the market might not let them win. Moreover, BTC price has risen above the bull support level after trading below this level for more than a month. This suggests that the bull run has begun and is aiming to achieve higher targets.
Even though the $70,000 target has been triggered, reaching these levels might be a tough job. Moreover, the bulls have started showing some weakness with declining buying pressure, which could pave the way for the bears to take over. However, after a massive rally, a minor pullback is natural. Therefore, Bitcoin price might revisit the lower support near $60,000, which could be another buying opportunity before moving back up to $67,253, which could confirm the formation of a new ATH before the end of the month.
Failure to reclaim these levels could result in a prolonged period of consolidation that could even pull levels lower towards $57,000. Since the bulls have already conquered this area, a bearish narrative seems unlikely.
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