$BTC Bitcoin Price Analysis.
BTC

$67,604
remains in sideways price action, but a positive sign is that the investors have continued to buy the spot Bitcoin exchange-traded funds. Farside Investors data shows net positive inflows into the ETFs for the past 11 days.
CoinShares data shows that Bitcoin investment products saw more than $1 billion in inflows last week. Along with institutional investors, whales also seem to be accumulating Bitcoin. Glassnode analysts said in The Week On-chain report that long-term investors were “beginning to re-accumulate coins for the first time since Dec 2023.”
According to the Securities and Exchange Commission filings, more than 600 United States investment firms have invested in spot Bitcoin ETFs since January. The ETFs have bought 855,619 Bitcoin since launch, with an average of 6,200 Bitcoin per day.
Could the buying in Bitcoin ETFs boost Bitcoin’s price above the overhead resistance? Will the altcoins also follow? Let’s analyze the charts of the top 10 cryptocurrencies to find out.
Bitcoin price analysis
The failure of the bulls to propel and maintain the price above $70,000 has pulled Bitcoin to the 20-day exponential moving average ($67,169).
The price action of the past few days has formed a symmetrical triangle formation. If the price breaks below the triangle, it will signal that the advantage has tilted in favor of the bears. The pair could drop to $64,600 and eventually to $59,600.
Conversely, if the price turns up from the support line and breaks above the triangle, it will indicate that the bulls remain in command. The pair will then attempt a move to $73,777. If bulls overcome this obstacle, the rally could reach $80,000.
