BTC Rally Continues

Bitcoin prices are on watch today after a strong rally on Friday took the futures market back into positive territory for the weekly close. Focus is now on whether bulls can gather enough momentum to achieve a breakout beyond the $83,385 level which has capped the market so far this year. ETF inflows, which had fallen into negative territory last week after a three-week winning streak managed to rebound and end the week marginally positive, again signalling optimism for bulls here. Indeed, the rally in BTC comes despite the Fed hiking rates last week and signalling the prospect of further tightening to come. With the rally drawing support from the broader gains we’re seeing in the tech space, and institutional positioning sending positive signals here, the near-term outlook looks skewed towards further upside and a breakout above the May highs.

Bitcoin Shrugs Off Regulatory Delay

The rally in Bitcoin at the end of last week was also seen despite the Senate blocking the keenly anticipated Clarity Act. Much had been made about the prospect of a fresh bull phase for crypto if the bill went through. However, price action since it failed in the Senate suggests that it was never too important to begin with. With that in mind, the bigger driver for now should remain ETF flows and the moves we’re seeing in the tech sector. While inflows continue to build and tech gains persist, BTC look poised for fresh upside.

Technical Views

Bitcoin

With price rebounding firmly higher off the $74,270 level, focus is now in the $83,385 resistance. This has been a key pivot for the market over the last 12 months and a break higher here will mark a strong, bullish shift, turning focus to $94,730 as the next bull objective.