Bitcoin (BTC) price is on the verge of a major trend reversal on the weekly and monthly timeframe charts. A close above $65,000 on either timeframe would break the trend of lower highs that has defined BTC’s price action for the past 6 months, creating a higher high.

In recent weeks, spot Bitcoin ETFs have seen $494 million in inflows, bringing the total flow to $18.8 billion. MicroStrategy purchased 18,300 Bitcoin between August 6 and September 12, and added another 7,420 BTC on September 20. US stocks and gold have reached new record highs. The PBOC announced interest rate cuts and other money-printing measures.

From a technical perspective, Bitcoin has closed above the 200-day moving average for 3 days, and the price is trading above the 196-day falling trendline. Pullbacks to the 20-day moving average at $62,000 could be the norm in the coming week. It should be monitored whether investors can defend this level and push the price higher, exceeding the demands in the $66,000-$68,000 range.

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