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Bullish and Bearish Arguments Explained
Bitcoin is bouncing off a crucial support level, maintaining its long-term uptrend. As Bitcoin remains in a broader bull market, ETFs are also seeing inflows. On Thursday, there was an inflow into spot Bitcoin ETFsfor a total of nearly $85 million, up from $53 million on Wednesday.
Bitcoin’s Resilience and Long-Term Uptrend
These figures, however, remain lower than the inflows recorded earlier in the week, when Monday and Tuesday saw inflows of several hundred million dollars. Crypto World analyst Josh, dissected the Bitcoin chart and said the SuperTrend indicator remains in the green, indicating a sustained bull market on the longer time frames.
For a major bearish change to occur, a 4-day candle would need to close below $55.8K, which has not happened yet. Therefore, the broader bull market continues, much like past patterns where temporary dips have not led to a confirmed trend reversal.
ETF Inflows and Market Sentiment: Recent Trends and Analysis
On shorter time frames, such as the 2-hour chart, recent bearish divergences continued for a few days before reversing. Despite the current bullish trend, there are short-term fluctuations. On the daily chart, Bitcoin recently tested a former resistance area, now acting as support, between $63,000 and $64,000.
Looking ahead, resistance levels are identified around $67,000 to $68,000, and higher between $72,000 and $74,000. If Bitcoin were to break below $63,000, the next support would be between $61,000 and $60,000.
Short-term resistance and support levels: what to watch next
Bitcoin Bitcoin is also attempting to break through a key near-term resistance, the golden pocket between $64,200 and $64,900. At the time of writing, Bitcoin is trading above $66,500 and is up over 3% in the last 24 hours.
Also see: Cryptocurrency Week: Bitcoin, Ethereum, and Ripple Analysis