Bitcoin trades near $68,000 as investors seek direction after volatile price action. Spot Bitcoin ETFs have seen significant inflows, a positive signal following weeks of outflows. Analysts state a break above the $71,000-$72,000 resistance zone is crucial for confirming a bullish continuation.
Bitcoin (BTC) is trading sideways near $68,000 as the market consolidates following a sharp sell-off. According to CoinMarketCap data, its 24-hour trading volume surged over 41% to approximately $54.5 billion.
Institutional demand is showing signs of recovery, with spot Bitcoin ETF inflows recorded at $458 million according to SoSoValue. This recent influx follows five consecutive weeks of net withdrawals from the funds. Analyst CryptoPulse stated that Bitcoin must hold above $67,300 to set up a test of the $71,000-$72,000 resistance area.
This zone is considered a key resistance zone for the bullish trend to continue, the analyst mentioned. A breakout above this level could then target the next key zone between $79,000 and $81,000. Another analyst, Crypto Candy, maintained that the broader bias is bearish while BTC trades below the $71,000-$72,000 zone.
Futures market activity is rising, with volume up 42% to $85.8 billion as per CoinGlass. The open interest also increased by nearly 4%, reaching $44.5 billion while the funding rate remains neutral. The cryptocurrency is now in a tightening consolidation, with its next directional break seen as critical for the market.
