The cryptocurrency market has managed to regain momentum as the Bitcoin price hovers around $65,000 and is currently valued at $3.37 trillion. Moreover, this has led to the top altcoins recording similar price moves by adding significant valuations to their respective portfolios.

Furthermore, as Bitcoin spot ETFs have recorded positive inflows for 14 out of 18 trading days this month, BTC price is showing a strong bullish trend and is expected to re-cross the $70,000 mark in a short time.

Bitcoin’s bullish momentum

When discussing the Bitcoin chart on the 3-day and 4-day timeframes, I see very little movement over the past day. However, there has been some development in the decline of the US Dollar Index (DXY), which generally moves inversely to Bitcoin. When the DXY is trending bearish, Bitcoin generally trends bullish, and vice versa. While no indicator is 100% correct, this correlation is correct over 90% of the time.

Despite a slight pullback in Bitcoin price, the overall trend and momentum remain bullish. The key resistance levels of $60,000-61,000 and $63,000-64,000 have been breached and now serve as new support levels. Currently, Bitcoin is retesting these levels, likely confirming them as support levels.

If Bitcoin confirms a bounce from this retested support level, the next resistance level to watch is $67,000-68,000 based on historical resistance levels and volume indicators. A break above $68,000 could pave the way for new all-time highs, with ultimate resistance at $72,000-74,000.

Is BTC price about to see a major breakthrough?

Although the Bitcoin price has experienced a correction of about 1% in the past 24 hours with a trading volume of $31.059 billion, the Bitcoin price has risen by 11.93% in the past 7 days, highlighting the strong bullish momentum in the cryptocurrency space.

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Moreover, the market leader is testing the resistance neckline of its rounding bottom pattern on the 1D timeframe, with the outcome being unpredictable.

On the other hand, BTC price is also hovering near an important resistance trendline of the descending channel pattern, highlighting the strengthening price momentum of the star cryptocurrency in the market.

Bitcoin (BTC) Market Sentiment:

The Moving Average Convergence Divergence (MACD) shows that the green histogram continues to rise, with its average recording a positive trend. This indicates an increase in buying pressure on BTC tokens in the cryptocurrency space.

The RSI indicator is neutral below the overbought territory. However, the average trend lines are bullish, indicating a positive outlook for this week.

Bitcoin ETF plays a key role:

Bitcoin ETFs saw net inflows of $53 million, maintaining positive growth for 9 consecutive days, indicating strong bullish influence in the cryptocurrency space.

On a positive note, BlackRock’s “IBIT” has received over $100 million for the fourth consecutive day, highlighting the growing positive sentiment, followed by Fidelity’s “FBTC” which has seen $2.8 million in inflows over the past day.

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On the negative side, Grayscale’s “GBTC” recorded massive outflows of $53.9 million after two lackluster trading sessions.

Will BTC price rise again?

Considering the current market sentiment, if the bulls continue to gain momentum, Bitcoin price will break the critical resistance and test the $67,775 mark.

Sustaining the price at this level could lead the star cryptocurrency to a high of $73,750.07 in the coming weeks.

Will the Bitcoin price fall again?

However, if the bears overwhelm the bulls, BTC price will lose momentum and fall to its important support level of $60,000 in the coming period.