Following the approval of Ethereum ETFs, Bitcoin took a back seat but now appears poised for a significant rebound. Although all signs are positive, this resurgence will only be possible under certain conditions.
So far this week, Bitcoin is down slightly, while altcoins are on the rise, but this could soon be reversed.
Bitcon, an unexpected comeback?
It’s no secret in the crypto world: even though Ethereum stole the spotlight with its ETFs, Bitcoin isn’t done yet. Despite the significant panic sell-off earlier this week, the market’s leading cryptocurrency still seems poised to impress us.
In this regard, the Ali analysis indicates that the TD Sequential indicator detects an imminent rebound for Bitcoin around $70,000. However, this is where the token will need to break a key resistance before reaching new highs.
But no worries on the horizon: for now, all signs seem to be green for a potential surge. Donald Trump is attracting all the attention to BTC by proposing, like El Salvador before him, to settle all debts of the United States using crypto.
Likewise, according to the latest data from Glassnode, long-term Bitcoin holders have reportedly resumed accumulating the asset for the first time since December 2023. As for BTC ETFs, they have been accumulating inflows for over 10 days.
An ascent subject to certain conditions
BTC indeed appears to be gaining momentum, but if you’re expecting a big explosion, you may be disappointed. According to Rekt Crypto, the little orange coin must first leave its re-accumulation zone before reaching a new ATH.
It’s also worth noting that the next moves of the asset are crucial and will confirm or deny the bullish trend. For this, it needs to stay above $67,300 and break through the $68,000 ceiling where it has been facing resistance since this morning.
Leave a Reply