Bitcoin (BTC) Price Analysis: Can the Bulls Make it to $66,800 Ahead of the Spot ETH ETF?

Just a few days before, the markets were filled with FUD as the Mt.Gox terror struck the market while the German government continued to sell the seized Bitcoin.

The cryptocurrency market experienced contrasting sentiments during the past week. While the Mt.Gox terror initially spread fear, leading to a sell-off, the market later showed resilience, especially with the anticipation of the spot ETF launch. This optimism drove ETH price to trigger a nice upswing, and Bitcoin price also secured a crucial resistance zone. A weekly close above this zone could indicate the start of a fresh bullish spell.

The past weekend was particularly bullish for BTC price rally, with the bulls initiating a huge rebound from the local bottoms, concluding a two-month-long descending consolidation. Subsequently, the price attempted to validate higher highs and lows, ultimately succeeding in the endeavor.

Moreover, the spot BTC ETF inflows returned with over $1 billion in net flows, prompting the price to initiate a strong bounce.

After Reclaiming $64,000, Can BTC Bulls Push to $66,800 Ahead of Spot ETH ETF?

A daily chart analysis of Bitcoin reveals that the price underwent a swift v-shaped recovery, successfully clearing the resistance zone between $62,987 and $63,733.

Despite the bears' persistent efforts, the optimism surrounding the markets is likely to hinder their triumph. Furthermore, BTC price has risen above the bull market support band after trading below the levels for over a month, indicating the bull run and aiming for higher targets.

While the target at $70,000 is triggered, reaching these levels may prove challenging. Additionally, the bulls are showing some weakness, with a drop in buying pressure that could allow the bears to take over. However, a minor pullback is natural after a substantial rise.

Hence, BTC price may re-visit the lower support around $60,000, presenting another buying opportunity before rising again to hit $67,253, which would confirm the formation of a new ATH before the month concludes.

Conversely, failure to reclaim these levels could lead to prolonged consolidation, potentially dragging the levels lower to $57,000. However, with the bulls having largely dominated the space, a bearish narrative seems improbable.

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