Bitcoin is approaching a key technical level after recording its third consecutive weekly gain. The asset closed last week at around $65,000, rising 1.7% over the period and extending its three-week advance to 11.5%. It also remained above the $61,360 demand zone despite broader market volatility.
Following this sustained recovery, attention has shifted to the $68,000 resistance level. According to the recent Bitfinex poročilo, this level could determine Bitcoin’s next short-term direction. The analysts identified a key reaction zone between $67,900 and $68,300, where the short-term holder realized price and the second-quarter opening level have converged.
Why the $68,000 Level Matters
Bitfinex analysts say many holders who bought near the key reaction range may choose to sell once they recover their original positions. That behavior has created selling pressure during similar retests, making the coming move important for Bitcoin’s short-term direction.
A decisive breakout above the resistance zone would require sustained buying in the spot market rather than speculative activity. Otherwise, BTC could face another rejection and revisit lower support levels established during the recent recovery.
Current institutional demand may play a key role in determining that outcome. Notably, U.S. spot Bitcoin exchange-traded funds have shifted from sustained outflows to a more balanced flow pattern. However, Bitfinex analysts say fresh demand still depends heavily on BlackRock’s IBIT fund.
A More Supportive Macro Backdrop
Bitcoin has also captured a larger share of total cryptocurrency spot trading volume in recent sessions. Analysts said this trend appears to reflect a defensive move away from altcoins rather than a broad return of confidence across the digital asset market.
Beyond crypto market dynamics, the broader macroeconomic environment has also become more supportive. June inflation in the United States recorded its first negative monthly reading in six years. Lower energy prices contributed to the decline, while weakness in the housing sector continued through lower building permits and higher inventories.
Despite those signs of slowing activity, consumer spending and business investment have remained resilient. That combination has kept second-quarter economic growth estimates near 2.5%, creating a missed outlook for the Federal Reserve while supporting risk assets like Bitcoin.
Prispevek Bitcoin’s Next Big Move Hinges on Break Above This Key Level: Bitfinex appeared first on CryptoPotato.














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