Bitcoin attacks $70K zone: Is a new BTC ATH on the horizon?

Bitcoin attacks $70K zone: Is a new BTC ATH on the horizon？

Bitcoin [BTC] is on the verge of breaking above the critical $70K resistance level but has faced instant rejection as it was trading at $67K as of press time.

With strong momentum building, BTC is likely aiming to capture liquidity beyond this key zone, potentially setting the stage for a new all-time high. The market is buzzing with speculation that Bitcoin could soon surpass this crucial price point.

As the bull market gains strength, investors are closely watching for signs of a deeper correction, with the $67K zone being a key level to monitor. Buying the dip could lead to significant gains if the correction holds.

Source: TradingView

Liquidity and open interests

Currently, Bitcoins game of liquidity is a major focus. A large cluster of liquidity is forming above the $70K level, while another pool is building below the $58K zone.

Analysts expect Bitcoin to pull back to $67K before resuming its upward trend. If this happens, BTC could break through $73K, potentially making a new all-time high.

However, a correction may follow once liquidity builds around the $58K level, possibly causing a price revisit.

Source: Hyblock Capital

Adding to the bullish sentiment, Bitcoin‘s CME Futures Open Interest has reached an all-time high of $12.0 billion. This surge indicates that more traders are betting on BTC’s price going higher.

The futures market plays a significant role in influencing Bitcoins price, and this record open interest suggests that Bitcoin is likely to push past the $70K level soon.

Source: CryptoQuant

The bullish momentum in the Bitcoin futures market is a strong signal for traders to watch closely.

Bitcoin spot ETFs resurgence

Furthermore, Bitcoin spot ETFs made headlines last week with a significant net inflow of $2.13 billion. This marks the third-largest inflow in history, highlighting strong institutional interest.

BlackRock‘s ETF, IBIT, led the charge, bringing in $1.14 billion, while Fidelity’s $FBTC secured $319 million. This influx of capital into Bitcoin ETFs is further fueling the optimism that BTCs price will move higher.

Source: SoSo Value

Read Bitcoins [BTC] Price Prediction 2024 – 2025

In comparison, Ethereums spot ETFs saw a more modest inflow of $78.89 million, suggesting that BTC remains the primary focus for many investors in this bullish cycle.

As Bitcoin continues to challenge the $70K barrier, the market is poised for potential gains. If BTC can break through this level and hold, it could signal the beginning of a new upward rally.