Crypto: Bitcoin Traders Explain Why $80k Is The Next Target For Bulls

The return of spot Bitcoin ETF inflows may fuel a BTC price recovery, as signs of a potential rebound to $75,000-$80,000 emerge.

Bitcoin (BTC) tapped $70,000 during Wednesday’s New York session as bulls targeted sell liquidity.

BTC price support must hold above a key trendline at $68,000 for the rebound to continue.

$80,000 is a key level to watch as the next big liquidation cluster above.

Spot Bitcoin ETF inflows attracted half a billion dollars in inflows on Wednesday.

Data from TradingView showed the BTC/USD pair at $68,480 on Bitstamp. This is just above the 200-week exponential moving average (EMA), which is currently at $68,338.

Related: Bitcoin tops $69.5K after stocks rebound, strong earnings data boost risk appetite

Analyst Rekt Capital spotted Bitcoin facing resistance from this trendline, saying that the latest recovery could turn into a “post-breakdown retest of the EMA into new resistance” based on historical price action.

“The moment of truth is coming for Bitcoin,” Rekt Capital said, adding:

Zooming in, fellow analyst Jelle said that the price needs to turn the 50 EMA (at $68,000) on the four-hour chart into support to confirm the recovery.

Source: CoinTelegraph