Bitcoin shows bullish momentum after retesting $63,193.80 support. Strong ETF demand and increased demand indicate a potential upward trend.
has retested a key support level at $63,193.80. This level has previously acted as strong support, and the ability of the king coin to bounce from it suggested a potential bullish turnaround.
The price movement suggested that Bitcoin had established a firm foundation for a potential bullish rally. Bitcoin price was eyeing $71,972.46 at press time, which is the next significant support level in line.As seen from the chart, BTC could potentially challenge its all-time high of $73,835.57 if the aforementioned resistance level is breached.There are a number of bullish indicators that supported the upward trend. One noteworthy indicator was the rapid growth in demand for spot Bitcoin ETFs, which have outpaced theby crypto analyst Ali, this surge in demand indicated a strong accumulation phase.
This imbalance between the number of coins available and increased buying pressure has created a favorable environment for further price appreciation.The momentum surrounding the Bitcoin Market Value to Realized Value further supported the positive view. This indication, according to Glassnode, suggested a continuation of BTC 2024 as investors’ profitability remained positive. MVRV indicated a healthy market sentiment towards BTC in the long-term.The same analyst had earlier reported that Bitcoin could rebound to $65,200 to liquidate $42.16 million in the short position. These predictions have now come to a pass.At press time, the liquidation heat map showed a bullish bias in the market, showing a potential bullish rally for the king coin.
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