Bitcoin’s price has the potential to surge to new all-time highs if it can successfully surpass the critical $67,500 level, according to a report by Markus Thielen, the head of research at 10x Research. The $67,500 mark is currently acting as a significant resistance line for Bitcoin and will play a crucial role in determining its price movement in the upcoming weeks. Bitcoin recently experienced a notable recovery above the psychological $66,000 mark, with a 7.3% increase in the past week. This recovery is an encouraging sign for Bitcoin’s future price action. Additionally, inflows from US spot Bitcoin exchange-traded funds (ETFs) have remained positive for two consecutive weeks, accumulating over $200 million in net inflows. This is a decrease from the previous week’s $413 million inflows but marks a shift from three consecutive weeks of negative net flows before May 6. Institutional inflows from ETFs have been a significant factor in Bitcoin’s recent rally to new all-time highs, accounting for about 75% of new investments when Bitcoin surpassed the $50,000 mark on February 15. However, Bitcoin faces significant resistance at the $67,500 level, and a move above it could lead to the liquidation of nearly $300 million in leveraged short positions across all crypto exchanges. On the monthly chart, Bitcoin has successfully turned an important resistance into support, indicating the possibility of more bullish momentum. This shift occurred as Tether minted $1 billion worth of its stablecoin (USDT) on May 17, bringing its total yearly issuance to $31 billion. The newly minted USDT played a significant role in Bitcoin’s price surge from $27,000 to $73,000, according to Lookonchain. Tether’s involvement in Bitcoin’s rally extends further as the company announced plans to invest 15% of its net profit in Bitcoin to diversify the stablecoin’s backing assets. Tether also acquired 8,888 BTC on March 31, making it the seventh-largest Bitcoin holder globally.
10x Research predicts potential surge in new record highs as Bitcoin surpasses $67.5K in rally