Bitcoin is encountering resistance just above the psychological barrier of $70,000. Still, a positive indicator is that the bulls have not lost significant ground to the bears, with Bitcoin only slightly down by under one per cent this week. Despite Bitcoin’s recent range-bound behaviour, investment in spot Bitcoin exchange-traded funds has remained strong. Since May 14, there have been over $2.1 billion in net inflows into Bitcoin ETFs. This trend suggests that investors are steadily accumulating Bitcoin in anticipation of an upward breakout.
At the time of writing BTC was trading at $68,382.
After making the new all-time high of $73,777, Bitcoin witnessed a sharp correction and the prices broke the psychological level of $60k, which made a low of $56,552 (on 1st May). However, the lower shadow around the crucial support level of $56,000 indicated buying from these levels and the prices rallied up to $71,979. After this move, BTC saw some profit booking or selling above $70k levels again. The asset is struggling to sustain and give a weekly closing above $70k. It must break, close and maintain above its all-time high to witness further rally. $67,000 and $60,000 will act as a strong support for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $60,000 | $67,000 | BTC | $73,777 | $85,000 |
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