Bitcoin ETF

Bitcoin

Rekt

Bitcoin’s price could start rallying to new all-time highs if it manages to decisively rise above the crucial $67,500 mark.
The $67,500 level is acting as a significant resistance line for Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>), which could determine its price action in the coming weeks, <a href="https://mail.10xresearch.co/p/bitcoin-greed-fear-index-turns-bullish-favorite-trade" target="_blank" rel="noopener nofollow">according</a> to a May 20 report by Markus Thielen, the head of research at 10x Research.
Thielen wrote:
<blockquote data-ct-non-breakable="true">
 “A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”
</blockquote>
The predictions come after Bitcoin staged a significant recovery above the $66,000 psychological mark. The world’s first cryptocurrency is up over 7.3% during the past week, <a href="https://www.tradingview.com/chart/3Z94myyP/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener nofollow">according</a> to TradingView.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/fd09db41-d36e-47e6-891b-987f4708fc64.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT, 1-day chart. Source: TradingView
 </figcaption>
</figure>
Last week’s price recovery is a promising sign for Bitcoin’s price action, added Thielen:
<blockquote data-ct-non-breakable="true">
 “A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”
</blockquote>
Inflows from the United States spot Bitcoin exchange-traded funds (ETFs) remained positive for the second consecutive week, as the ETFs amassed over $200 million worth of cumulative net inflows, which is just half compared to the previous week’s $413 million, <a href="https://dune.com/hildobby/btc-etfs" target="_blank" rel="noopener nofollow">according</a> to Dune.
Before the week beginning May 6, Bitcoin ETF net flows had been negative for three consecutive weeks.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/6b31c1db-bc98-4256-a333-0e992588d0b0.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF Net Flows, Weekly, Source: Dune
 </figcaption>
</figure>
Institutional inflows from ETFs were a significant part of the current Bitcoin rally to new all-time highs. By Feb. 15, <a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment">Bitcoin ETFs accounted for about 75%</a> of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.
However, Bitcoin faces significant resistance at the $67,500 mark. A potential move above would liquidate nearly $300 million worth of leveraged short positions across all crypto exchanges, <a href="https://www.coinglass.com/pro/futures/LiquidationMap" target="_blank" rel="noopener nofollow">according</a> to CoinGlass.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/05a9ba41-8003-4bbe-a5d2-b38e2c8b70e6.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin exchange liquidation map. Source: CoinGlass
 </figcaption>
</figure>
Related: <a href="https://cointelegraph.com/news/over-80-binance-token-listings-loss-red">Over 80% of recent Binance token listings are bleeding red</a>
<h2 data-ct-non-breakable="true" id="tether-s-newly-minted-usdt-could-boost-bitcoin-price">Tether’s newly-minted USDT could boost Bitcoin price</h2>
On the monthly chart, Bitcoin has flipped an important resistance into support, which could signal more bullish momentum, according to a May 16 X post by popular crypto analyst Rekt Capital. 
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/aa8f30c4-5fa5-4dc9-9af6-f3658ed32da8.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD, 1-month chart. Source: <a href="https://x.com/rektcapital/status/1791030706010747213" target="_blank" rel="noopener nofollow">Rekt Capital</a>
 </figcaption>
</figure>
The move happened as Tether minted $1 billion worth of its Tether (<a href="https://cointelegraph.com/tether-price-index">USDT</a>) stablecoin on May 17, bringing its yearly total to $31 billion of newly issued USDT.
The newly minted USDT was a big reason why <a href="https://cointelegraph.com/news/tether-1b-usdt-mint-bitcoin-price-73k">Bitcoin price climbed from $27,000 to $73,000</a>, according to a May 17 post from Lookonchain:
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/d49731df-2f6f-4d07-a057-1dacec5a71dc.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin chart with newly-minted USDT. Source: <a href="https://x.com/lookonchain/status/1791350139451478418" target="_blank" rel="noopener nofollow">Lookonchain</a>
 </figcaption>
</figure>
Tether could also directly contribute to Bitcoin’s rally. The company said it would invest 15% of its net profit in Bitcoin to diversify the stablecoin’s backing assets. 
<a href="https://cointelegraph.com/news/tether-boosts-bitcoin-reserves">Tether acquired 8,888 BTC</a> on March 31, worth $618 million, making the stablecoin issuer the seventh-largest Bitcoin holder in the world, <a href="https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html" target="_blank" rel="noopener nofollow">according</a> to BitInfoCharts.
Magazine: <a href="https://cointelegraph.com/magazine/trader-turns-3k-into-46m-pepe-ethereum-gas-overhaul-tornado-cash-dev-guilty-hodlers-digest-may-12-18/">Trader turns $3K into $46M in PEPE, Ethereum gas overhaul, Tornado dev guilty: Hodler’s Digest, May 12-18</a>

Bitcoin rally above $67.5K could spark new record highs, says 10x Research

Table of Contents

Cointelegraph

Other articles published on May 20, 2024

New York Attorney General Secures $2B Settlement With Genesis

Greenlight for Ethereum ETFs? SEC Examines Exchange Proposals

Bitcoin Reaches New Heights as Buyers Return

AVAX Price Upcycle Faces Triple Top Threat

BREAKING: More Good News About Ethereum Spot ETFs – SEC Accelerates the Process – Approval Could ...

Programmable Bitcoin Blockchain – The Key To Triggering The Next Explosive Price Surge?

Join our free newsletter for daily crypto updates!