According to cryptocurrency trader Rekt Capital, Bitcoin (BTC) has broken its downtrend since June and is back on an upward trajectory.
The focus now is on establishing a strong price base that could potentially push BTC towards $71,500 over time.
#BTC
Strong start to July as Bitcoin continues to develop its cluster of price action at the Range Low area (green)
Target?
To build a foundation from which it will be able to springboard to the Range High area at ~$71500 over time
$ BTC
#Crypto
#Bitcoin
https://t.co/A2VKixFFp2
pic.twitter.com/40FEmVTscz
– Rekt Capital (@rektcapital)
July 1, 2024
Rekt Capital highlighted that Bitcoin has formed a new higher weekly low, signaling the end of the downtrend. On a broader scale, Bitcoin is developing a macro bull flag pattern, indicating positive long-term prospects.
Additionally, Bitcoin is consolidating within an accumulation range, often observed post-halving events. This pattern indicates bullish movement as Bitcoin aligns with traditional halving cycles.
Read more:
How Bitcoin Became an Environmental Savior
Following the quarter-end, Bitcoin successfully tested and turned a significant previous resistance near the $61,000 level into new support. Moreover, spot Bitcoin ETFs recorded a net inflow of over $129 million on July 1, marking the largest inflow in three weeks.
Bloomberg analyst Eric Balchunas noted positive net flows into Bitcoin ETFs across daily, weekly, and monthly periods, reflecting increasing investor interest.
