Bitcoin Reaches New Ten-Week High as Traders Eye $88K Target
- Bitcoin (BTC) achieved a ten-week high of $77,027 on Bitstamp.
- Traders predict BTC could rally to $88,000 within two to four weeks.
- $72,800 is identified as a crucial support level for the upcoming weekly close.
- US spot Bitcoin ETFs reported $330 million in net inflows this week.
- Analyst Rekt Capital warns that a close below $72,800 could lead to further price declines.
The recent surge in Bitcoin’s price comes amid decreasing geopolitical tensions and strong performance in risk assets like the S&P 500, which reached an all-time high of over 7,050 points. This environment has led traders to anticipate increased inflows into Bitcoin ETFs, potentially benefiting the broader cryptocurrency market.
With Bitcoin’s price hitting $77,027 and predictions of reaching $88K soon, maintaining support at $72,800 will be critical for sustaining this momentum. (Source)
