[Comparative to Daily Market News] The next target for BTC bulls: $67,000

On FridayBitcoin halvedThe crypto market moved higher on Monday after successful implementation. Bitcoin rebounded from a low of $64,525 in early Monday trading and continued to climb to the $66,000 support level, hitting a high of $66,905 in the afternoon. At press time, it was trading at $66,535, an increase of about 3% in 24 hours.

Altcoins climbed during Monday's trading, with the vast majority of the top 200 tokens in market capitalization achieving positive gains, with only a dozen coins falling by more than 2%.Ontology(ONT) saw the biggest increase, up 19.4% to $0.474, followed by Pepe (PEPE), which rose 16.4%, and WEMIX (WEMIX) rose 16.2%. Jito (JTO) led the decline, falling 5.5%.MEWfell 4.9%,Saga(SAGA) fell 4%.

Currently, the overall cryptocurrency market value is $2.43 trillion, and Bitcoin's dominance rate is 53.7%.

After experiencing the worst weekly performance in 2024, major US stock indexes started higher this week. By the close of the day, the S&P, Dow, and NASDAQ all closed higher, rising 0.87%, 0.67%, and 1.11% respectively. The US dollar index remained flat, and the US 10-year Treasury yield fell 100 basis points.

The bulls are targeting the $67,000 resistance level

Bitcoin has surged more than 5% since last Friday, and the broader cryptocurrency market has also rebounded strongly, especially meme coins, which have reached double digits. “If Bitcoin breaks through the $67,000 resistance level, it could lay the foundation for a rebound to this year's high of $74,000,” Secure Digital Markets analysts said in the report.

Historically, Bitcoin's halving and declining supply have often been catalysts for significant price increases. Analysts pointed out that more attention to Bitcoin has drawn additional attention to tokens within the Bitcoin ecosystem, and many say the industry will perform well during this bull cycle.

Market analyst Rekt Capital said that Bitcoin is currently in the accumulation phase after being halved. Once completed, the only stage left before the bull market ends is the parabolic upward phase.

Other tokens that performed well after the halving include Bitcoin Tier 2 solutions and other Bitcoin-related projects such as Ordinals. Secure Digital Markets stated, “In the Bitcoin Tier 2 solution space,StacksTokens such as STX, which are native to the network, outperformed Bitcoin after the expected halving event. By running on the Bitcoin blockchain, these layer 2 projects enhance scalability and transaction speed, and facilitate off-chain transactions. STX, for example, has risen nearly 20% to $2.95.”

Regarding spot Bitcoin ETFs,Dune AnalyticsAccording to the data, the market experienced a total net inflow of $59.7 million on Friday, mainly driven by significant contributions from Fidelity and BlackRock. At the same time, the outflow of gray decreased, reaching its lowest level since April 10.

The analyst added: “In contrast, the ETH/BTC trading pair remains stagnant, hovering near yearly lows, and the future direction is uncertain.”

An analyst warned that it is still too early to say that Bitcoin will open an upward channel because historically, after halving, there will be a period of weak prices.

Neil Roarty, an analyst at investment platform Stocklytics, said, “Although historically, there have been big bull markets after the previous halving, it is worth remembering that these bull markets only lasted a few months, not days or weeks. In fact, some analysts are predicting that the price of BTC will fall in the short to medium term, citing central bankers' reluctance to lower interest rates and venture capital's reluctance to fully embrace the sector, which could hinder Bitcoin's development”.

Neil Roarty added: “The Bitcoin investment environment is much more complicated than it was four years ago, and those looking forward to a sharp rise in BTC will most likely need to prepare for a marathon rather than sprint.”

BTC needs to take $6.9K to confirm breakout

BitfinexDerivatives director Jag Kooner said that despite the positive price trend this week, it is still too early to confirm the end of the current adjustment due to the deep decline in the market, which could lead to greater price fluctuations.

In the report, he said, “Although we have broken through the lower time frame, it is important to remember that after a large-scale liquidation event of over $2 billion, which began on April 12, the depth of the market was much lower than a few weeks ago. This means fewer open positions and fewer spot orders, so smaller orders are more likely to affect the market.”

Kooner warned that another liquidation could occur as more leverage begins to re-enter the market.

NexoHaralampiev, head of structured products, also said that if it wants to reach new highs, Bitcoin first needs to break through the $69,000 mark. He said, “The key level to confirm bullish sentiment and price action is between $69,000 and $70,000. Ultimately, if market sentiment and positions continue to strengthen, prices above these levels could cause Bitcoin to try to break through historic highs.”

Author: BitPushNews Mary Liu

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