Greed

Bitcoin

Momentum

Spot

The Bitcoin price has experienced a remarkable surge recently as it soars past the $67,000 mark. This rise reflects growing investor confidence in the leading cryptocurrency. However, according to recent reports, the path to new all-time highs isn’t&nbsp;straightforward.&nbsp;Notably,&nbsp;a flurry of&nbsp;key&nbsp;events and market dynamics could influence&nbsp;Bitcoin’s&nbsp;trajectory in the coming days, the reports suggested.
<h2 id="span-data-preserver-spaces-true-recent-reports-indicates-a-positive-momentum-span">Recent Reports Indicates A Positive Momentum</h2>
<a href="https://coingape.com/glossary/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin’s</a><a href="https://coingape.com/glossary/bitcoin/" rel="noopener noreferrer nofollow">&nbsp;</a>recent price action has been robust, as evidenced by the recent performance of the flagship crypto. Notably, the Bitcoin price has regained&nbsp;its&nbsp;momentum towards the late April resistance zone of $67,500, surpassing the early May highs of $64,000.&nbsp;
According to 10x Research, a breakthrough above $67,500 could lead to new all-time highs. Meanwhile, in a recent report, 10X Research stated:
<blockquote>
 Our Bitcoin Greed &amp; Fear Index has turned bullish. We see $67,500 as a critical level. If surpassed, it could trigger a significant rally.
</blockquote>
<figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://pbs.twimg.com/media/GN_qGkuakAAmZ3G?format=jpg&amp;name=900x900" alt="Bitcoin Fear and Greed Index" width="751" height="572">
 <figcaption class="wp-caption-text">
 Source: 10X Research
 </figcaption>
</figure>
However, a flurry of factors could impact&nbsp;Bitcoin’s&nbsp;price this week. For context, $800 million of PYTH supply will&nbsp;be unlocked&nbsp;today, followed by $340 million from AVAX tomorrow&nbsp;May&nbsp;21. In addition,&nbsp;NVIDIA’s&nbsp;Q1 2024 earnings report is due on May 22, and the final deadline for&nbsp;VanEck’s spot Ethereum ETF application is on&nbsp;May 23.&nbsp;
Meanwhile, betting markets suggest only a 7% chance of <a href="https://coingape.com/us-sec-can-approve-19b-4-for-spot-ethereum-etf-what-it-means/" target="_blank" rel="noopener noreferrer nofollow">Spot Ethereum ETF</a> approval, but any decision will likely move Bitcoin’s&nbsp;price by about 4%.&nbsp;Simultaneously, NVIDIA earnings are also expected to influence the broader financial market, given its dominance in the <a href="https://coingape.com/glossary/artificial-intelligence/" target="_blank" rel="noopener noreferrer nofollow">artificial intelligence (AI)</a> sector, as well as in&nbsp;the technology space.
Also Read: <a href="https://coingape.com/ethereum-price-whale-moves-46m-eth-amid-price-rally-whats-next/" target="_blank" rel="noopener noreferrer nofollow">Ethereum Whale Moves $46M ETH Amid Price Rally, What’s Next?</a>
<h2 id="span-data-preserver-spaces-true-bitcoin-price-market-sentiment-span">Bitcoin Price &amp; Market Sentiment</h2>
While institutional interest grows, on-chain dynamics offer additional insights. Santiment, another analytics platform, observed that Bitcoin is trading just above $66,100.&nbsp;The report showed that&nbsp;despite the recent price bounce,&nbsp;small traders are liquidating their holdings.&nbsp;
Meanwhile, this pattern, where smaller <a href="https://coingape.com/glossary/blockchain-wallet/" target="_blank" rel="noopener noreferrer nofollow">wallets</a> sell off to larger ones, has historically been a bullish indicator for Bitcoin, according to Santiment. In addition, the current environment indicates a mix of optimism and caution.&nbsp;For Bitcoin to&nbsp;achieve new highs,&nbsp;it&nbsp;must navigate upcoming events and market sentiment shifts.
However, as of writing, the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin price</a> traded near the flatline at $67,034.26,&nbsp;after touching a 24-hour high of $67,694.30. Over the last 24 hours, the&nbsp;trading volume of Bitcoin soared 40% to $22.14 billion, indicating&nbsp;strong&nbsp;trading activity in the market. Notably, the latest Bitcoin <a href="https://coingape.com/blog/what-is-crypto-fear-and-greed-index-how-does-it-work/" target="_blank" rel="noopener noreferrer nofollow">Fear &amp; Greed Index</a> stood at 70, indicating a&nbsp;“greed”&nbsp;sentiment in the market.
Also Read: <a href="https://coingape.com/bitcoin-is-providing-the-final-bargain-opportunity-before-post-halving-rally/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin Is Providing the Final Bargain Opportunity Before Post-Halving Rally</a>
The post <a href="https://coingape.com/bitcoin-price-hit-new-highs-but-there-condition/" rel="noopener noreferrer nofollow">Bitcoin Price To Hit New Highs, But&nbsp;There’s&nbsp;A Condition</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Price To Hit New Highs, But There’s A Condition

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