Bitcoin has been on a roll lately, reaching $64,000 on Sunday. Now, analysts are looking at a key level that could determine its next direction.
Support and Resistance
Analyst Ali Martinez has identified a “substantial support area” between $61,100 and $61,800. If Bitcoin can hold above this level, Martinez expects it to rise towards $65,900.
However, if Bitcoin falls below this support, it could correct to $56,970 or even $51,500.
Market Sentiment
The broader crypto market is also experiencing a rally, with $48.54 billion flowing into the space in the past two years. This suggests that investors are becoming more interested in cryptocurrencies.
Bitcoin ETFs
Bitcoin Spot Exchange-Traded Funds (ETFs) are also gaining traction. SkyBridge founder Anthony Scaramucci predicts that ETFs could control 10% of Bitcoin’s supply in the future.
Current Price
Bitcoin is currently trading at $65,184, up over 5% in the last 24 hours.
