Based

Bitcoin

Resistance

BlackRock

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-significant-resistance-points" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Significant Resistance Points</a><br></p>
<p style="text-align: justify">The largest cryptocurrency, <a href="https://en.bitcoinhaber.net/el-salvador-reaps-84-million-profit-from-bitcoin-treasury" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC), is currently trading around $68,000 after encountering strong resistance at the $70,000 mark last week. Despite this, on-chain metrics reveal a promising outlook, suggesting healthy progress in the coming days. Notably, Bitcoin has been undergoing a 2.5-month consolidation period under bullish demand, offering potential for further upward movement.</p>
<h2 id="what-does-bitcoin-s-consolidation-indicate">What Does Bitcoin’s Consolidation Indicate?</h2>
<p style="text-align: justify">Leading Bitcoin analyst Willy Woo has provided insights into Bitcoin’s recent price behavior. According to Woo, the ongoing consolidation phase is advantageous and indicates that Bitcoin has more room to grow before reaching its peak. He noted that net capital inflow into the Bitcoin network was at its lowest during this consolidation but has increased steadily throughout May.</p>
<p style="text-align: justify">Additionally, the resurgence of inflows into spot Bitcoin Exchange-Traded Funds (ETFs) in the U.S. is a key indicator of this positive trend. Over the past two weeks, inflows into these ETFs have surged, with BlackRock surpassing Grayscale in terms of volume. This robust demand from ETFs, which exceeds the daily mining output of BTC, signals continued interest from institutional <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>.</p>
<h2 id="how-are-futures-markets-responding">How Are Futures Markets Responding?</h2>
<p style="text-align: justify">Besides spot ETFs, Woo also highlighted a revival in futures markets, particularly among individual traders. The funding rate for perpetual swaps has shown a recovery in demand, suggesting a stable and healthy market environment. This increase in demand is progressing steadily without reaching dangerously high levels that could indicate fear of missing out (FOMO).</p>
<p style="text-align: justify">Another significant development during the consolidation phase is the substantial withdrawal of BTC from cryptocurrency exchanges by Bitcoin whales, who are accumulating strongly. This trend could lead to a supply shock for BTC, potentially driving up its price in the future. When large amounts of BTC are withdrawn from exchanges, the available supply for trading decreases, and if demand remains strong, higher prices could ensue.</p>
<p style="text-align: justify">Woo also stressed that $73,000 remains a crucial resistance level for Bitcoin’s upward movement. However, if Bitcoin can surpass $72,000, it might trigger substantial liquidations and potentially cause a short squeeze, pushing the price above $75,000 and setting new records.</p>
<h2 id="key-takeaways-for-traders">Key Takeaways for Traders</h2>
<p style="text-align: justify">Based on the analysis, traders can draw several valuable inferences:</p>
<ul>
 <li>Watch for significant resistance and support levels at $70,000 and $73,000 respectively.</li>
 <li>Monitor inflows into spot Bitcoin ETFs as a sign of institutional interest.</li>
 <li>Pay attention to the funding rate for perpetual swaps to gauge market health.</li>
 <li>Be aware of potential supply shocks due to large BTC withdrawals from exchanges.</li>
</ul>
<p style="text-align: justify">These factors could influence Bitcoin’s price movements and provide strategic insights for trading decisions.</p>
<p style="text-align: justify">Overall, Bitcoin’s recent behavior and market dynamics showcase a complex but promising landscape. With increasing institutional interest and potential supply constraints, Bitcoin may be poised for significant price movements <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">in the near future</a>.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-significant-resistance-points" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Significant Resistance Points</a></h5>

Bitcoin Faces Significant Resistance Points

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