United

Bitcoin ETF

Resistance

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s price could potentially reach new all-time highs if it surpasses the significant $67,500 resistance level.</li>
 <li>Bitcoin’s recent recovery and positive ETF inflows indicate a promising future for the cryptocurrency’s price action.</li>
</ul>
<p>Bitcoin’s value could hit new record highs if it can successfully exceed the important $67,500 mark.</p>
<p>This level is proving to be a major resistance point for <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin (BTC)</a>, which may influence its price movement in the forthcoming weeks, as stated in a May 20 report by Markus Thielen, the research head at 10x Research.</p>
<h2 id="bitcoin-s-price-recovery-and-etf-inflows">Bitcoin’s Price Recovery and ETF Inflows</h2>
<p>Thielen noted that a surge above $67,500 could potentially result in new all-time highs, a scenario predicted by their Bitcoin ETF model.</p>
<p>This forecast comes as Bitcoin has made a significant recovery, climbing above the psychological barrier of $66,000. The pioneering cryptocurrency has risen over 7.3% in the past week.</p>
<p>The previous week’s price recovery is a positive indicator for Bitcoin’s price movement, added Thielen.</p>
<p>Bitcoin ETFs in the United States saw positive net inflows for the second week in a row, accumulating over $200 million, which is half of the previous week’s $413 million.</p>
<h2 id="institutional-inflows-and-resistance">Institutional Inflows and Resistance</h2>
<p>Institutional inflows from ETFs played a crucial role in Bitcoin’s recent rally to record highs. As of February 15, Bitcoin ETFs represented about 75% of new investment in the largest cryptocurrency as it crossed the $50,000 mark.</p>
<p>However, Bitcoin is facing significant resistance at the $67,500 mark. A potential move above this level could liquidate nearly $300 million worth of leveraged short positions across all cryptocurrency exchanges.</p>
<p>Tether’s newly issued USDT could also boost Bitcoin’s price. On the monthly chart, Bitcoin has turned an important resistance into support, which might indicate more bullish momentum.</p>
<p>This shift occurred as Tether minted $1 billion worth of Tether USD (USDT) on May 17, bringing its yearly total to $31 billion of newly issued stablecoins.</p>
<p>Tether could also contribute directly to Bitcoin’s rally. The company announced it would invest 15% of its net profit in Bitcoin to diversify the stablecoin’s backing assets. On March 31, Tether acquired 8,888 BTC, worth $618 million, making it the seventh-largest Bitcoin holder globally.</p>

10x Research Forecasts New Peaks if Bitcoin Surpasses $67.5K Mark

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