Bitcoin
Bullish and bearish arguments explained
Bitcoin is bouncing off a crucial support level, maintaining its long-term uptrend. While Bitcoin remains in a larger bull market, ETFs are also making their mark with inflows. On Thursday, there was an inflow in Spot Bitcoin ETFstotaling nearly $85 million, up from $53 million on Wednesday.
Bitcoin Resilience and Long-Term Uptrend
However, these numbers are still dwarfed by flows earlier in the week, when Monday and Tuesday saw inflows of hundreds of millions of dollars. Crypto World Analyst Josh, analyzed the Bitcoin chart and said that the SuperTrend indicator remains in the green, indicating a sustained bull market on higher time frames.
For a major bearish move to happen, we would need a 4-day candle to close below $55.8K, which has not yet occurred. Therefore, the larger bull market continues, as have 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 have played out over the course of a few days before reversing. Despite the current uptrend, there are short-term fluctuations. On the daily time frame, Bitcoin recently tested a previous resistance area, now acting as support, between $63,000 and $64,000.
Looking ahead, resistance levels are identified around $67K to $68K, and further above between $72K and $74K. If Bitcoin were to fall below $63K, the next support would be between $61K and $60K.
Short-Term Support and Resistance Levels: What to Watch Next
Bitcoin is also attempting to break above a key short-term resistance, the golden pocket between $64.2K and $64.9K. At the time of writing, Bitcoin is trading above $66,500 and is up over three percent in the past 24 hours.
See also: Week in Crypto: Bitcoin, Ethereum, and Ripple Analysis