Bitcoin fell sharply by 7.8% last week, falling to $60,000, but recovered over the weekend following positive jobs data in the U.S., approaching $64,000. In addition, while institutional investors’ interest in Bitcoin is increasing day by day, the amount of Bitcoin on centralized crypto exchanges continues to decrease. Market data looks quite positive for Bitcoin, which could signal an impending bull run.
Bitcoin is currently trading at $63,568. It's up about 1.5% today and up about 4.5% since Friday. Today, it tested above $64,000 but failed because the selling pressure around $64,000 is increasing significantly, but I think it will test it again in the coming sessions and if it can meet the sales around $64,000, it can move towards $66,000. Bitcoin’s macro outlook looks favorable for a possible price rally, but there is a strong resistance at $65,800 in particular, and if it can break this resistance, it could bounce towards $70,000. The data looks quite favorable for Bitcoin to move higher, and if the ongoing institutional demand continues to grow, Bitcoin could make a big bounce in the coming days, but on the other hand, the decrease in institutional demand and the increase in selling pressure could push Bitcoin price down. Frankly, I am very optimistic and believe that Bitcoin can hit a new ATH and even hit six figures by the end of the year. We'll wait and see.
This is not investment advice, please do your own research before investing.
