Bitcoin
Bitcoin Ends Downtrend, Expected to Chase $71,500, Trader Says
Main conclusions
- Bitcoin broke June downtrend, forming new higher low on weekly timeframe
- Spot Bitcoin ETFs saw $129 million in net inflows on July 1
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Bitcoin (BTC) broke its June downtrend and resumed its previous uptrend in July, according to for the trader identified as Rekt Capital. The goal now is to build a price base from which BTC can “springboard” up to $71,500 over time.
Strong start to July as Bitcoin continues to develop its price action set in the Range Low area (green)
The goal?
To build a foundation from which to make the leap to the Range High area for about $71,500 over time$BTC #Cryptocurrency #Bitcoin https://t.co/A2VKixFFp2 photo.twitter.com/40FEmVTscz
— Rekt Capital (@rektcapital) July 1, 2024
Notably, Bitcoin formed a new higher low on the weekly timeframe as it broke its downtrend, added Rekt Capital. In the macro framework, the trader explained that Bitcoin is developing a macro bullish flag pattern, which is positive for BTC in the long term.
Furthermore, BTC is consolidating within its accumulation range commonly observed after past halving events, and this is also a bullish move. “This extended consolidation period means that Bitcoin is slowly synchronizing with traditional halving cycles after an accelerated Pre-Halving period.”
After the quarterly close, Bitcoin also showed that a previous major resistance near the $63,000 price level was successfully reached. tested and has become a new support. Additionally, Bitcoin spot ETFs saw over $129 million in net inflows on July 1, the highest inflow in the past three weeks.
Bloomberg ETF analyst Eric Balchunas also expressed surprise at X when he found that Bitcoin ETFs showed positive net flows on a daily, weekly and monthly basis.
“Was expecting worse given BTC price dropped $10k. During that period, YTD net inflows held steady at +14.6b. Good sign that the number held strong during a ‘pullback’ phase,” stated Balchunas.
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