Bitcoin ETF

Bitcoin

Resistance

The digital currency ecosystem is in recovery mode and the price of <a href="https://coingape.com/bitcoin-price-hedge-funds-heavily-shorting-btc-will-btc-outshine-gamestop-saga/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) has joined this long-due rebound. At the time of writing, market data pegs the spot price of Bitcoin at $69,485.93, up by a marginal 0.29% in 24 hours.
<figure id="attachment_201378" aria-describedby="caption-attachment-201378" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-201378" src="https://coingape.com/wp-content/uploads/2024/06/BTC_1D_graph_coinmarketcap-5.jpeg" alt="Bitcoin 1D Price Mark" width="1200" height="800" srcset="https://coingape.com/wp-content/uploads/2024/06/BTC_1D_graph_coinmarketcap-5.jpeg 1200w, https://coingape.com/wp-content/uploads/2024/06/BTC_1D_graph_coinmarketcap-5-300x200.jpeg 300w, https://coingape.com/wp-content/uploads/2024/06/BTC_1D_graph_coinmarketcap-5-768x512.jpeg 768w, https://coingape.com/wp-content/uploads/2024/06/BTC_1D_graph_coinmarketcap-5-150x100.jpeg 150w, https://coingape.com/wp-content/uploads/2024/06/BTC_1D_graph_coinmarketcap-5-272x182.jpeg 272w" sizes="(max-width: 1200px) 100vw, 1200px">
 <figcaption id="caption-attachment-201378" class="wp-caption-text">
 Bitcoin 1D Chart. Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
 </figcaption>
</figure>
<h2 id="strong-bitcoin-price-and-resistances-ahead-strong">Bitcoin Price and Resistances Ahead</h2>
The price of Bitcoin has maintained a strong resilience, staying above the key support level at $68,020 over the past week. Despite the actions of market bears, it becomes evidently clear that Bitcoin is ready for a major leg up. Per different analysts’ forecasts, the digital currency might be plotting a breakout, a move that will set the $70,000 as the first crucial resistance point to watch.
The first time Bitcoin price broke the $70,000 point, the coin soared to its All-Time High (ATH) of $73,750.07. At the current price level, Bitcoin is about 5.8% below this ATH with many projections that the coin will surpass this level in no time. Over the past month, Bitcoin price has soared as high as $71,946.46 at a 2.11% surge. This places the $71,000 level a crucial point to watch.
As seen on the BTC chart, the $71,000 price mark comes off as a crucial pivot for Bitcoin. If the price of the flagship coin breaks the bear pressure at $70,000 and $71,000, the will be no major resistance holding it from shooting past its previous All-Time High. Despite the visible slips in the coin’s price over the past few days, the profitability of BTC addresses remains at 94.9%. This suggests that immediate selling pressure from old HODLers is relatively low.
This has set Bitcoin up for a reboot, complemented by the Relative Strength Index (RSI) reading at 44.1. This shows a mild overselling, indicative of a potential change in trend.
<h2 id="strong-the-btc-metrics-are-promising-strong">The BTC Metrics Are Promising</h2>
Bitcoin is in a very unique position for a bullish rebound. This is because its metrics are stronger than ever with spot Bitcoin ETF products acquiring more BTC assets from exchanges than expected.
With a 19-day net inflow streak recorded thus far, <a href="https://coingape.com/us-bitcoin-etf-hits-new-milestone-whats-next-btc-price/" target="_blank" rel="noopener noreferrer nofollow">spot Bitcoin ETF</a>, backed by supply shortage from the last half has formed the proper setup for an imminent price recovery. Drawing on top industry experts’ projections, Bitcoin might shoot toward $700,000 in the long term, according to <a href="https://coingape.com/anthony-scaramucci-bullish-on-bitcoin-reaching-700k-amid-adoption-surge/" target="_blank" rel="noopener noreferrer nofollow">Anthony Scaramucci</a>.
Conservative estimates pegs the coin’s price at $100,000 before the end of this year.
Read More: <a href="https://coingape.com/ai-tokens-fet-agix-and-ocean-might-lead-market-recovery-heres-reason/" target="_blank" rel="noopener noreferrer nofollow">AI Tokens FET, AGIX, and OCEAN Might Lead Market Recovery, Here’s Reason</a>
The post <a href="https://coingape.com/bitcoin-btc-price-is-back-on-track-key-resistance-levels-to-watch/" rel="noopener noreferrer nofollow">Bitcoin (BTC) Price Is Back On Track, Key Resistance Levels To Watch</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin (BTC) Price Is Back On Track, Key Resistance Levels To Watch

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