Bitcoin’s rally above $67.5k could hit a new record high, 10x Research said.
If the price of Bitcoin is able to rise above the $67,500 price, it may begin to rise to a new all-time high.
The $67,500 level is acting as an important resistance line for Bitcoin (BTC), which may determine the price action in the coming weeks, according to a May 20 report by Marcus Thielen, head of research at 10x Research.
Thielen wrote:
“A break above $67,500 could lead to a new all-time high, as our Bitcoin ETF model predicts.”
The predictions come after Bitcoin made a significant recovery and recovered above the $66,000 psychological mark. According to TradingView, the world's first cryptocurrency increased by more than 7.3% last week.
Last week's price recovery is a promising sign for Bitcoin's price action, Thielen added.
“A break above $67,500 could lead to a new all-time high, as our Bitcoin ETF model predicts.”
Bitcoin exchange-traded funds (ETFs) inflows from the United States remained positive for the second week in a row, as ETFs amassed more than $200 million in cumulative net inflows, roughly half of last week's $413 million, Dunn reported. .
Prior to the week beginning May 6, Bitcoin ETF net flows had been negative for three consecutive weeks.
Institutional income from ETFs has been a significant part of Bitcoin's current rally to new all-time highs. In the year On February 15, Bitcoin ETFs accounted for 75% of new investment in the world's largest cryptocurrency, rising above $50,000.
However, Bitcoin faces significant resistance at the $67,500 mark. The move could eliminate nearly $300 million in leveraged short positions across all crypto exchanges, CoinGlass reported.
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Tether's newly minted USDT could boost Bitcoin's price.
On the monthly chart, Bitcoin has turned important resistance into support, which could indicate more bullish momentum, according to popular crypto analyst Rect Capital.
The move comes as Tether issued $1 billion worth of Tether dollars (USDT) on May 17, bringing the annual total to $31 billion in newly released stablecoins.
According to data posted by Loonchain on May 17th, newly minted USDT was a big reason why Bitcoin price rose from $27,000 to $73,000.
Tether can directly contribute to Bitcoin's rally. The company said it will invest 15% of its net profit in Bitcoin to diversify the assets of the stable coin.
Tether acquired 8,888 BTC worth $618 million on March 31st.
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