cryptobriefing.com
Bitcoin ($BTC) broke its June downtrend and resumed its previous uptrend in July, according to the trader identified as Rekt Capital. The goal now is to build a price foundation from which $BTC can “springboard” up to $71,500 over time.
#$BTC
Strong start to July as Bitcoin continues to develop its cluster of price action at the Range Low area (green)
The goal?
To build a foundation from which it will be able to springboard to the Range High area at ~$71500 over time$BTC #Crypto #Bitcoin https://t.co/A2VKixFFp2 pic.twitter.com/40FEmVTscz
— Rekt Capital (@rektcapital) July 1, 2024
Notably, Bitcoin formed a new higher low on the weekly timeframe by breaking its downtrend, added Rekt Capital. On the macro picture, the trader explained that Bitcoin is developing a macro bull flag pattern, which is positive for $BTC in the long term.
Moreover, $BTC is consolidating within its accumulation range commonly observed after past halving events, and this is also a bullish movement. “This extended consolidation period means that Bitcoin is slowly synchronizing with traditional Halving cycles after an accelerated Pre-Halving period.”
After the quarterly closure, Bitcoin also showed that a major previous resistance close to the $63,000 price level was successfully tested and became a new support. Additionally, the spot Bitcoin ETFs registered over $129 million in net inflows on July 1st, being the largest inflow amount for the past three weeks.
Spot Bitcoin ETFs daily net flows. Image: BitMEX Research
Bloomberg ETF analyst Eric Balchunas also showed surprise on X by discovering that Bitcoin ETFs showed positive net flows for the daily, weekly, and monthly periods.
“Was expecting worse given $BTC price fell $10k. During that stretch YTD net flow held steady at +14.6b. Good sign that number held strong during a ‘step back’ phase,” stated Balchunas.