Bitcoin’s price could start rising towards all-time highs if it decisively surpasses the critical $67,500 level. According to a May 20 report by Markus Thielen, head of research at 10x Research, the $67,500 level serves as a significant resistance line for Bitcoin and could determine price movement in the coming weeks.
Why is Bitcoin Rising?
These predictions came after Bitcoin showed a significant recovery and surpassed the psychological level of $66,000. According to TradingView, the world’s first cryptocurrency increased by over 7.3% last week. Thielen added that last week’s price recovery is a promising sign for Bitcoin’s price movement:
“A scenario predicted by our Bitcoin ETF model could potentially lead to all-time highs above $67,500.”
According to Dune data, ETF funds accumulated a cumulative net inflow worth $200 million, while inflows from US spot Bitcoin exchange-traded funds remained positive for the second consecutive week, amounting to only half of the previous week’s $413 million figure. Before the week starting May 6, Bitcoin ETF net flows had been negative for three consecutive weeks.
However, Bitcoin faces significant resistance at the $67,500 level. According to CoinGlass data, a potential move above this level could liquidate short positions worth approximately $300 million in the futures market across all crypto exchanges.
USDT Move and Bitcoin
According to a May 16 X post by popular crypto analyst Rekt Capital, Bitcoin turned significant resistance into support on the monthly chart, signaling potential further upward momentum. The move occurred as Tether minted $1 billion worth of Tether USD on May 17, bringing the annual total to $31 billion in new USDT.
According to a May 17 post by Lookonchain, the newly minted USDT was a significant reason for Bitcoin’s price rising from $27,000 to $73,000. Tether could also directly contribute to Bitcoin’s rise. The company stated it would invest 15% of its net profits into Bitcoin to diversify the backing assets of its stablecoin project. According to Bitinfocharts, Tether purchased 8,888 Bitcoin worth $618 million on March 31, making the stablecoin issuer the seventh-largest Bitcoin holder in the world.
