Bitcoin on the verge of a new all-time high ๐๐ผ
According to Markus Thielen, Head of Research at 10x Research, Bitcoin could be about to break its key resistance at $67,500, which could trigger a rally towards new all-time highs. This analysis comes at a time when Bitcoin has shown an impressive recovery, rising over 7.3% in the last week.
Thielen highlights that a decisive advance above $67,500 would not only mark a significant milestone but would also validate Bitcoin ETF-based predictive models. This move could liquidate approximately $300 million in leveraged short positions, creating a wave of positive momentum in the market.
Additionally, institutional inflows into Bitcoin ETFs have been a crucial factor in the recent rally, with over $200 million in cumulative net inflows last week. Tether also plays an important role, having recently minted $1 billion in its USDT stablecoin and plans to invest 15% of its net profits in Bitcoin.
For investors and industry professionals, this is a crucial time to stay informed and consider the opportunities that may arise. Current market dynamics suggest that we are on the threshold of significant movements in the price of Bitcoin.
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