Bitcoin ETF

Bitcoin

Resistance

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surpasses-critical-resistance-level/" data-wpel-link="internal">Bitcoin Surpasses Critical Resistance Level</a> 
Bitcoin’s price could start rising towards all-time highs if it decisively surpasses the critical $67,500 level. According to a May 20 report by Markus Thielen, head of research at 10x Research, the $67,500 level serves as a significant resistance line for Bitcoin and could determine price movement in the coming weeks. 
<h2 class="p1" style="text-align: justify" id="why-is-bitcoin-rising">Why is Bitcoin Rising?</h2> 
These predictions came after Bitcoin showed a significant recovery and surpassed the psychological level of $66,000. According to TradingView, the world’s first cryptocurrency increased by over 7.3% last week. Thielen added that last week’s price recovery is a promising sign for Bitcoin’s price movement: 
<blockquote> 
 “A scenario predicted by our Bitcoin ETF model could potentially lead to all-time highs above $67,500.” 
</blockquote> 
According to Dune <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data</a>, ETF funds accumulated a cumulative net inflow worth $200 million, while inflows from US spot Bitcoin exchange-traded funds remained positive for the second consecutive week, amounting to only half of the previous week’s $413 million figure. Before the week starting May 6, Bitcoin ETF net flows had been negative for three consecutive weeks. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-353453 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/etf-1.webp" alt="" width="1844" height="792"> 
However, Bitcoin faces significant resistance at the $67,500 level. According to CoinGlass data, a potential move above this level could liquidate short positions worth approximately $300 million in the futures <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> across all crypto exchanges. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-353452 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/coinglass-1.webp" alt="" width="1445" height="456"> 
<h2 class="p1" style="text-align: justify" id="usdt-move-and-bitcoin">USDT Move and Bitcoin</h2> 
According to a May 16 X post by popular <a href="https://en.coin-turk.com/luna-and-ceek-coin-price-analysis-what-to-expect/" data-wpel-link="internal">crypto analyst</a> Rekt Capital, Bitcoin turned significant resistance into support on the monthly chart, signaling potential further upward momentum. The move occurred as Tether minted $1 billion worth of Tether USD on May 17, bringing the annual total to $31 billion in new USDT. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-353451 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-11.jpg" alt="" width="1794" height="1202"> 
According to a May 17 post by Lookonchain, the newly minted USDT was a significant reason for Bitcoin’s price rising from $27,000 to $73,000. Tether could also directly contribute to Bitcoin’s rise. The company stated it would invest 15% of its net profits into Bitcoin to diversify the backing assets of its stablecoin project. According to Bitinfocharts, Tether purchased 8,888 Bitcoin worth $618 million on March 31, making the stablecoin issuer the seventh-largest Bitcoin holder in the world. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-353450 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-fiyat.jpg" alt="" width="2560" height="1172"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surpasses-critical-resistance-level/" data-wpel-link="internal">Bitcoin Surpasses Critical Resistance Level</a></h5>

Bitcoin Surpasses Critical Resistance Level

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