Bitcoins Bullish Run Eyes $66K With $186M ETF Surge
Bitcoin (BTC) is holding strong above the $60,000 mark, sparking optimism among investors. As speculation grows about a potential rate cut in the Federal Open Market Committees (FOMC) meeting, the bulls are targeting a $66,590 resistance level. At the time of writing, BTC trades at $60,236. This follows a solid 3.61% gain in the last 24 hours.
A possible interest rate cut of 500 basis points is driving the bullish momentum. Traders are watching closely to see if BTCs recent inverted head-and-shoulders pattern will lead to a break toward $66,590.
On the 4-hour chart, Bitcoins recovery forms an inverted head-and-shoulders pattern, often seen as a bullish signal. This has traders anticipating an upward trend. BTCs price action now suggests that a breakout above $61,613 could push the price toward the $66K mark. The 23.60% Fibonacci level reinforces this key resistance point.
Adding to the bullish case, the daily chart shows an engulfing candle that nullifies the recent 3-day bearish pullback. The price action completes the right shoulder of the inverted head-and-shoulders pattern. If this momentum holds, we could see BTC testing the $66,590 mark soon.
Bitcoin ETF Inflows Surge
Supporting this bullish scenario, Bitcoin ETFs have seen a notable increase in inflows. The U.S. Spot Bitcoin ETF market recorded $186 million in inflows yesterday, marking the fourth consecutive bullish day. Grayscales Spot BTC ETF has helped stabilize the market with zero outflows, while Bitwise and Fidelity have added $45.4 million and $56.6 million, respectively.
Looking at the 4-hour chart, immediate resistance levels sit at $61,451 and $64,596. Should Bitcoin maintain its upward trajectory, the next major target is $66,590. On the downside, key support levels rest at $60,000, followed by $57,681.
The MACD indicator on the 4-hour chart shows a bullish crossover, with rising positive histograms, indicating strong momentum for further gains. Bulls remain hopeful as Bitcoin marches toward the $66K level.
Read more: https://www.tronweekly.com/bitcoins-bullish-run-eyes-66k-186m-etf-surge/
Text source: TronWeekly
