thenewscrypto.com
- $BTC trades at $69,630, showing a downward correction below $70K.
- $BTC price is expected to go beyond $72K by the end of 2024.
Bitcoin ($BTC) remained relatively stable early Thursday, with little change in price around $69,500. The lack of a clear direction comes ahead of the U.S. Securities and Exchange Commission’s (SEC) decision on VanEck’s spot ether ETF application, expected later in the day.
$BTC had previously faced resistance above the $71,500 level, leading to a downward correction below $70K. Despite reaching a new weekly high above $71K, the price recently dipped to $69K, coinciding with Bitcoin Pizza Day.
At the time of writing, the price of $BTC stands at $69,630, reflecting a decrease of 0.65% over the past 24 hours. Despite these fluctuations, the recent price recovery has sparked a wave of positive sentiment throughout the crypto industry.
If the price of $BTC remains above $79,500 and continues to increase, the first major resistance could be found at the $70,850 level, with a connecting bullish trend line. The next key resistance may occur at $71,160. A clear break above this resistance could propel the price higher towards the $71,920 resistance.
Should the bulls continue to push the price further, it might advance to the $72,540 resistance level. Further gains may lead $BTC toward the $73,100 resistance. Moreover, long-term $BTC price predictions suggest it could reach the range of $ 80K to $100K.
Potential for $BTC Slip: What Lies Ahead?
If Bitcoin fails to move above the $70,850 resistance zone, it could continue to dip, with immediate support around the $68,900 level. The first major support lies at $68,310, followed by potential support forming near $67,220. Further losses might drive the price towards the $66,000 support level.
However, analysts predict a strong upward momentum for Bitcoin through most of 2024, with prices expected to surpass the $72K range despite possible dips.
Further, Bitcoin spot ETFs have seen a total net inflow of $154 million, with positive inflows recorded for the past eight days. Meanwhile, Grayscale ETF experienced a single-day outflow of $16.1 million, while BlackRock maintains its lead with an inflow of $92 million.