Bitcoin ends downtrend and is set to pursue $71,500, says trader

July 2, 2024

Key Takeaways

Bitcoin broke June downtrend, forming new greater low on weekly timeframe
Spot Bitcoin ETFs recorded $129 million in web inflows on July 1

Bitcoin (BTC) broke its June downtrend and resumed its earlier uptrend in July, according to the dealer recognized as Rekt Capital. The purpose now could be to construct a value basis from which BTC can “springboard” as much as $71,500 over time.

#BTC

Sturdy begin to July as Bitcoin continues to develop its cluster of value motion on the Vary Low space (inexperienced)

The purpose?

To construct a basis from which will probably be in a position to springboard to the Vary Excessive space at ~$71500 over time$BTC #Crypto #Bitcoin https://t.co/A2VKixFFp2 pic.twitter.com/40FEmVTscz

— Rekt Capital (@rektcapital) July 1, 2024

Notably, Bitcoin fashioned a brand new greater low on the weekly timeframe by breaking its downtrend, added Rekt Capital. On the macro image, the dealer explained that Bitcoin is growing a macro bull flag sample, which is constructive for BTC in the long run.

Furthermore, BTC is consolidating inside its accumulation vary generally noticed after previous halving occasions, and that is additionally a bullish motion. “This prolonged consolidation interval signifies that Bitcoin is slowly synchronizing with conventional Halving cycles after an accelerated Pre-Halving interval.”

After the quarterly closure, Bitcoin additionally confirmed {that a} main earlier resistance near the $63,000 value degree was efficiently tested and have become a brand new help. Moreover, the spot Bitcoin ETFs registered over $129 million in web inflows on July 1st, being the most important influx quantity for the previous three weeks.

Spot Bitcoin ETFs each day web flows. Picture: BitMEX Analysis

Bloomberg ETF analyst Eric Balchunas additionally confirmed shock on X by discovering that Bitcoin ETFs confirmed constructive web flows for the each day, weekly, and month-to-month durations.

“Was anticipating worse given BTC value fell $10k. Throughout that stretch YTD web stream held regular at +14.6b. Good signal that quantity held sturdy throughout a ‘step again’ section,” stated Balchunas.