Bitcoin Overturns the Bearish Trend Ahead of ETH ETF: $70,000 Target Activated, Here’s When It May Strike!

The post Bitcoin Overturns the Bearish Trend Ahead of ETH ETF: $70,000 Target Activated, Here’s When It May Strike! appeared first on Coinpedia Fintech News

Just a few days before, the markets were filled with FUD as the Mt.Gox terror struck the market while the German government continued to sell the seized Bitcoin. Now that all the BTC have been sold, the markets have become optimistic ahead of the spot ETF launch which is scheduled for 23rd July. With this, ETH price has triggered a nice upswing, while Bitcoin price has also secured one of the most important resistance zones. A weekly close above this zone may certify the beginning of a fresh bullish spell. 

The past weekend turned out to be extremely bullish for the BTC price rally as the bulls initiated a huge rebound from the local bottoms, ending a two-month-long descending consolidation. Since then, the price has been trying hard to validate a couple of higher highs and lows and has been successful in doing so. Besides, the spot BTC ETF inflows are back with over $1 billion in net flows which has led the price to initiate a strong bounce. 

After reclaiming $64,000, can the BTC bulls make it to $66,800 ahead of the spot ETH ETF?

The daily chart of Bitcoin shows the price underwent a quick v-shaped recovery and cleared the resistance zone between $62,987 and $63,733. Although the bears are trying their luck hard, the optimism around the markets may not allow them to be victorious. Moreover, the BTC price has risen over the bull market support band after trading below the levels for over a month. This suggests the bull run has begun, aiming to achieve higher targets. 

Although, the target at $70,000 has been triggered, achieving these levels may be a tedious job. Besides, the bulls have begun to exhibit some weakness with a dropped buying pressure which may pave the way for the bears to take over. However, after a massive rise, a small pullback is quite natural. Therefore, the Bitcoin price may re-visit the lower support close to $60,000 which may be another buying opportunity before rising back to hit $67,253 which may confirm the formation of a new ATH before the end of the month. 

Otherwise, failing to reclaim these levels may cause a prolonged consolidation, which may even drag the levels lower to $57,000. As the bulls have conquered the space, a bearish narrative appears more unlikely.