Bitcoin (BTC) surged by 4.3% in the past 24 hours reaching $63,422.
US spot Bitcoin ETFs saw a $116.8M net inflow last week after four weeks of outflows exceeding $1B.
Today, Bitcoin (BTC) experienced a notable uptick, gaining 4.3% in the past 24 hours and reaching $63,422. This surge comes ahead of the eagerly anticipated release of macroeconomic data from the United States later this week.
Despite recent volatility, Bitcoin managed to maintain its position above the crucial $62,800 support level. Investors are optimistic, hoping for stronger weekly closures after weeks marked by uncertainties in the market.
In the previous week, Bitcoin saw a dip below the $60,400 support zone before finding solid footing above $61,000. However, the cryptocurrency hit a peak above $63,400 after embarking on a recovery trajectory.
Bitcoin (BTC) Price Analysis–24H
Currently, Bitcoin faces a significant resistance at $63,500. If BTC continues to rally, a successful breach above this level could pave the way for further upward movement, with a potential target of $65,000 on the horizon. Let’s check out the current market sentiment, whether BTC is swaying towards an uptrend or downtrend.
Bitcoin (BTC) Price Chart (Source: TradingView )
At the time of writing, Bitcoin is trading at the $61,944 mark and above the 100-hourly simple moving average, with immediate resistance at $63,300. If the trend continues, the next crucial resistance might occur at $63,900. A decisive breakthrough above the $63,900 resistance level could propel the price upward.
If Bitcoin fails to surpass the $62,000 resistance area, it may initiate another downtrend. Immediate support on the downside is anticipated near the $61,600 level. Failure to maintain this level could trigger another decline, with major support lying around $61,300. Subsequently, a downward movement towards $68,800 and potentially even the $60,500 support zone could occur in the near term.
Moreover, several factors contribute to Bitcoin’s resurgence, including a reversal in fortunes for spot Bitcoin ETFs in the US. After four consecutive weeks of outflows exceeding $1 billion, there was a net inflow of $116.8 million recorded last week. Investors are optimistic about the next level of updates in the spot ETF market.
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