Bitcoin’s price is on the verge of reaching new all-time highs if it can break through the crucial $67,500 resistance level, according to Markus Thielen, head of research at 10x Research. Thielen sees Bitcoin’s recovery above $66,000 as a positive sign and believes that surpassing $67,500 could trigger a bullish rally. Over the past week, Bitcoin has experienced a growth of more than 7.3%. The recent inflows into spot Bitcoin exchange-traded funds (ETFs) in the United States further support the positive sentiment. These ETFs have seen a net inflow of over $200 million in the past two weeks. However, Bitcoin still faces significant resistance at the $67,500 level. Breaking through this level would result in the liquidation of nearly $300 million worth of leveraged short positions across various crypto exchanges. Despite this resistance, some analysts, including 10x Research and QCP Capital, are optimistic about Bitcoin’s price momentum. QCP Capital predicts a potential return to the $74,000 highs. On the other hand, Michael Novogratz, founder of Galaxy Digital Holdings, expects Bitcoin to remain within a narrow trading range between $55,000 and $75,000 in the current quarter.
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