Skip to content

Bitcoin ends downtrend and is set to pursue $71,500, says trader

Bitcoin ends downtrend and is set to pursue $71,500, says trader
Bitcoin breaks June downtrend, targets $71,500. Rekt Capital notes new higher low formation and macro bull flag pattern development.

Table of Contents

Bitcoin has broken its June downtrend and is now set to pursue $71,500, according to a trader identified as Rekt Capital. The cryptocurrency formed a new higher low on the weekly timeframe and is developing a macro bull flag pattern, which is positive for BTC in the long term. Additionally, Bitcoin is consolidating within its accumulation range after past halving events, indicating a bullish movement. After the quarterly closure, Bitcoin also showed that a major previous resistance close to the $63,000 price level was successfully tested and became a new support. In addition, spot Bitcoin ETFs registered over $129 million in net inflows on July 1st, the largest inflow amount for the past three weeks. Bloomberg ETF analyst Eric Balchunas also noted positive net flows for Bitcoin ETFs, despite a $10k price drop. This is seen as a good sign for the cryptocurrency.

Source

Latest