Bitcoin [BTC] is on the verge of breaking through the crucial resistance level of $70K, but has faced immediate rejection while at the $67K level at the time of writing.
With strong momentum being built, BTC has the potential to target liquidity outside of this critical area, potentially setting a new All-Time-High.
The market is abuzz with speculation that Bitcoin could soon breach this decisive price level.
As the market continues to grind higher, investors are closely watching for signs of a deeper correction, with the $67K area being an important level to monitor.
Buying on dips could yield significant profits if the correction is sustained.
Liquidity and Open Interest
Currently, the Bitcoin liquidity game is a major focus. A large liquidity cluster is forming at the $70K level, while another pool is building below the $58K mark.
Analysts predict that Bitcoin will retrace to the $67K level before continuing its upward trend. If this occurs, BTC could break through the $73K barrier, potentially creating a new All-Time-High.
However, a correction could occur as liquidity accumulates around the $58K mark, potentially leading to a return to this level.
In addition to the bullish sentiment, the Bitcoin Futures Contract Open Interest on CME has reached a new record high of $12.0 billion.
This increase indicates that many traders are betting on the potential for BTC prices to rise further.
The futures market plays a crucial role in influencing Bitcoin prices, and this record-high Open Interest suggests that Bitcoin is likely to surpass the $70K mark soon.
The bullish momentum in the Bitcoin Futures market is a strong signal for traders to closely monitor.
Spot Bitcoin ETF Resurgence
Furthermore, Spot Bitcoin ETFs have garnered attention last week with a significant net inflow of $2.13 billion. This is the third-largest inflow on record, indicating strong institutional interest.
BlackRock's IBIT ETF led the way with a $1.14 billion inflow, while Fidelity's $FBTC saw $319 million in inflows.
This influx of capital into Bitcoin ETFs continues to fuel optimism that BTC prices will continue to rise.
Meanwhile, Spot Ethereum ETFs recorded a modest inflow of $78.89 million, indicating that BTC remains the primary focus for many investors during this price rally.
As Bitcoin continues to challenge the $70K mark, the market is positioned for potential upside.
If BTC can break through and hold this level, it could mark the start of a new bullish run.
