BTCUSDT is currently trading at $118,325, facing resistance at the $120,000 level. This resistance is crucial for Bitcoin if it wants to break back to its ATH of $123,218. The 4.4% gap to reach the ATH indicates potential for growth, but Bitcoin needs to secure support above $120,000 for this to happen.This week, spot
BTCUSDT exchange-traded funds (ETFs) saw over $1.5 billion in inflows, a significant portion of which occurred in the last 48 hours during Bitcoin’s dip. The influx of institutional money highlights that investors are confident in Bitcoin’s potential despite the market cooling. If this trend persists, it could propel
BTCUSDT price upward, as institutional support provides stability.If
BTCUSDT can hold above $120,000 and push past $122,000, it could continue its ascent toward new all-time highs. The current market conditions and ETF inflows support a bullish outlook, with a significant chance of breaking the resistance.However, the risk of profit-taking remains, which could lead to a price drop. If
BTCUSDT faces selling pressure, it could fall back to $115,000, erasing a portion of recent gains. This would invalidate the bullish thesis, causing Bitcoin to retest lower support levels.
Aaryamann Shrivastava | On-Chain Analyst
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Aaryamann Shrivastava | On-Chain Analyst
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
BeInCrypto - beincrypto.com/author/aaryamann-shrivastava/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.