June 5, 2024
Bitcoin Price Today is $67,009, Could Hit New All-Time Highs
Bitcoin price today

Bitcoin Price Today is $67,009, Could Hit New All-Time Highs

Monday, May 20, 2024: Bitcoin Price Today is $67,009. Bitcoin’s price could surge to new all-time highs if it decisively breaks through the critical $67,500 mark. This $67,500 threshold is a key resistance level for Bitcoin (BTC), currently priced at $67,055. Its performance at this level could shape its price movement in the upcoming weeks, as noted in a May 20 report by Markus Thielen, head of research at 10x Research. Thielen stated:

“A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”

BTC/USDT, 1-day chart. Source: TradingView

These predictions follow a notable recovery by Bitcoin, surpassing the $66,000 psychological barrier. The world’s first cryptocurrency has risen more than 7.3% over the past week, according to TradingView.

Thielen added that last week’s price recovery is an encouraging indicator for Bitcoin’s future price movement.

“A breakthrough above $67,500 could potentially lead to new all-time highs, a scenario that our Bitcoin ETF model predicts.”

Positive Inflows from Bitcoin ETFs

Inflows from U.S. spot Bitcoin exchange-traded funds (ETFs) remained positive for the second consecutive week. The ETFs accumulated over $200 million in cumulative net inflows, which is half of the previous week’s $413 million, according to Dune. Before the week beginning May 6, Bitcoin ETF net flows had been negative for three consecutive weeks.

Bitcoin ETF Net Flows, Weekly, Source: Dune

Institutional Impact and Resistance Levels

Institutional inflows from ETFs have been a major driver in Bitcoin’s recent rally to new all-time highs. By February 15, Bitcoin ETFs accounted for approximately 75% of new investments in Bitcoin, pushing the cryptocurrency past the $50,000 mark. However, Bitcoin is currently facing significant resistance at the $67,500 level. A breakthrough above this mark could result in the liquidation of nearly $300 million worth of leveraged short positions across all crypto exchanges, according to CoinGlass.

Bitcoin exchange liquidation map. Source: CoinGlass

Bullish Momentum and Tether’s Influence

On the monthly chart, Bitcoin has flipped an important resistance level into support, which could indicate further bullish momentum. This is supported by a May 16 post on X by popular crypto analyst Rekt Capital. Additionally, Tether could play a direct role in Bitcoin’s rally.

BTC/USD, 1-month chart. Source: Rekt Capital

The company announced it would invest 15% of its net profit in Bitcoin to diversify the stablecoin’s backing assets. On March 31, Tether acquired 8,888 BTC, worth $618 million, making it the seventh-largest Bitcoin holder globally, according to BitInfoCharts. Last week’s price recovery is a promising sign for Bitcoin’s price action, added Thielen.

Image by fabrikasimf on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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