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The price of Bitcoin (BTC) now stands as one of the most speculative subjects in the broader digital currency ecosystem. After falling as low as $58,554.25 over the past week, there are now reasons to be optimistic for a major bullish rebound. According to insights from top market analyst Ali Martinez, Bitcoin might be on its way to retest the $66,000 price mark in the short term.
Bullish Bitcoin call
Martinez revealed that Bitcoin had formed a pattern called "Adam and Eve." Considering its bullish nature, this pattern can push Bitcoin up by more than 6% from its latest level. If this happens, the $66,000 resistance level is feasible soon.
#Bitcoin seems to be shaping an Adam & Eve bottoming pattern, signaling a potential 6% rise toward $66,000 if $BTC can maintain a candlestick close above $62,200! pic.twitter.com/ebOUxgBqVj
— Ali (@ali_charts) June 27, 2024
It is worth noting that Bitcoin has continued to capitulate over the past few days, and the last time the coin traded above the $66,000 price level was June 17. Reclaiming this level might seem easy to do, but it is worth noting that Bitcoin remains in a fix, per its core fundamentals.
The inflow of funds into spot Bitcoin ETF products has been bidirectional, with investors withdrawing even at a faster pace than they are injecting cash in. This instability in netflow has made non-ETF investors stay in the conservative lane.
At the time of writing, the price of Bitcoin is changing hands for $61,299.01, up marginally by 0.91% in 24 hours.
Focus shifting from Bitcoin
The social heatmap surrounding Bitcoin is also a major factor in its dwindling price action. Over the past month, the attention has shifted to the top altcoins, including Ethereum (ETH) and Solana (SOL).
While Ethereum achieved approval for a spot ETF offering in May, Solana saw its first two ETF applications in Canada and the United States come within weeks of one another. While Bitcoin started a revolution in the crypto space, many more altcoins are on track to finish it.