Strong Weekly Close Signals Bitcoin (BTC) Ready for Upside

Is Bitcoin’s consolidation coming to an end? The stage is set for Bitcoin’s upward movement. The ten-week sideways consolidation appears to have concluded. Last week’s 7.7% rally was sufficient to offset the previous four weeks of lateral and downward price fluctuations.

Despite the Federal Reserve keeping interest rates unchanged, liquidity continues to flow into the system, and major stock markets have returned to historical highs. Given the rather bleak economic outlook, a rate cut may happen sooner or later.

Spot Bitcoin ETF Back at Its Peak For an entire week, positive capital inflows into the spot Bitcoin ETF have been beneficial for BTC prices. The total inflow last week amounted to $948.3 million, indicating a much more optimistic situation for the ETF compared to the generally weak and negative inflows since mid-March.

Strong support levels remain at $65,500 and $66,000 below the current price. BTC still needs to break through the robust resistance around $67,000.

Importantly, Bitcoin’s price seems to have broken above the top of the bull flag. If it remains above this level and also stays higher than the $65,500 support dating back to late 2022, it may continue its upward trajectory from here.

Around $91,000 will serve as a measure of trend and target for the bull flag breakout, while $102,000 represents the 1.618 Fibonacci level. Perhaps both of these targets can be achieved in the coming months. Additionally, if the second wave of spot Bitcoin ETF launches appropriately, who knows how far the Bitcoin bull market can go?

Sentiment: Positive