Bitcoin’s Price Set to Reach New All-Time High after Hitting $67,500 Resistance Level: Insights from 10x Research

Bitcoin Price Analysis and Forecast

Bitcoin’s price is on the verge of reaching new all-time highs (ATHs) with a potential surge if it manages to surpass the critical $67,500 level, which is currently a significant resistance point.

Market Insights

• Markus Thielen, the head of research at 10x Research, suggests that breaking through $67,500 could trigger a bullish rally.
• The recent recovery above $66,000 is viewed positively for Bitcoin’s price action.
• Bitcoin has seen a growth of over 7.3% in the past week.

Spot Bitcoin ETFs Performance

In the United States, spot Bitcoin exchange-traded funds (ETFs) have witnessed positive inflows for two consecutive weeks, with a net inflow of over $200 million.

Institutional Impact

• Institutional inflows through ETFs have significantly contributed to Bitcoin’s recent rally.
• Bitcoin ETFs accounted for approximately 75% of new investments in the cryptocurrency by February 15.

Technical Analysis

Bitcoin faces resistance at $67,500, with a potential breakthrough expected to liquidate leveraged short positions worth nearly $300 million across crypto exchanges.

Price Forecast

Analysts, including 10x Research and QCP Capital, are optimistic about Bitcoin’s price momentum, with forecasts indicating a return to highs of $74,000.

Expert Insights

Michael Novogratz of Galaxy Digital Holdings expects Bitcoin to trade within a range of $55,000 to $75,000 in the current quarter, citing market events and regulatory clarity as potential catalysts for price movement.