Bitcoin Stands Ready To Reclaim Resistance

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Bitcoin Stands Ready To Reclaim Resistance

Bitcoin (BTC) Stands Ready To Reclaim $65K Handle

According to a famous analyst and crypto trader, Bitcoin & Ethereum are receiving serious cash inflows as of late. It is also important to note that several billion dollars were moved into the cryptocurrencies on the same day.

Around 3 years ago, a similar move was seen in the ETH and BTC, which enabled Bitcoin to reach an all-time high. Now that a similar move has occurred, there's a chance that Bitcoin may move similarly.

Bitcoin To Stage New Yearly Highs

In total, $19.7 billion were invested in the Ethereum and Bitcoin collectively. The last time this happened was during December 2020, which also coincides with Bitcoin touching $65K in April 2021. Although Bitcoin has not managed to surge like this again, there are now chances that suggest otherwise.

There is a popular saying in trading that past performance shouldn't be taken as an indication of any future movements. But what if Bitcoin indeed moves higher after the inflow of several billion dollars? As things stand right now, the possibility of a revisit to the $65,000 doesn't sound too out of the ordinary.

Back in the past, the reason why BTC touched $65K was the announcement by Elon Musk that his company had bought Bitcoin. At that time, around $1.5 billion was spent on the purchase of Bitcoin. In addition, Tesla also announced at that time that customers will be able to buy electric cars using the cryptocurrency.

Although no such announcements are made this time, Bitcoin is still bullish, and several billion dollars have also moved into the crypto market.

For now, Bitcoin is trading just below the $42,000 handle while the $65,000 level is still $23K away. On the way towards $65K, there are several stops, such as the $45K, $47K, $50K, and the $52K. On the downside, the $40K and the $39K remain relevant for the short term.

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