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The price of Bitcoin (BTC) now stands as one of the most speculative subjects in the broader digital currency ecosystem. After falling as low as $58,554.25 over the past week, there are now reasons to be optimistic for a major bullish rebound. According to insights from top market analyst Ali Martinez, Bitcoin might be on its way to retest the $66,000 price mark in the short term.
Bullish Bitcoin call
Martinez revealed that Bitcoin had formed a pattern called "Adam and Eve." Considering its bullish nature, this pattern can push Bitcoin up by more than 6% from its latest level. If this happens, the $66,000 resistance level is feasible soon.
Yuri MolchanIt is worth noting that Bitcoin has continued to capitulate over the past few days, and the last time the coin traded above the $66,000 price level was June 17. Reclaiming this level might seem easy to do, but it is worth noting that Bitcoin remains in a fix, per its core fundamentals.
The inflow of funds into spot Bitcoin ETF products has been bidirectional, with investors withdrawing even at a faster pace than they are injecting cash in. This instability in netflow has made non-ETF investors stay in the conservative lane.
At the time of writing, the price of Bitcoin is changing hands for $61,299.01, up marginally by 0.91% in 24 hours.
Focus shifting from Bitcoin
The social heatmap surrounding Bitcoin is also a major factor in its dwindling price action. Over the past month, the attention has shifted to the top altcoins, including Ethereum (ETH) and Solana (SOL).
Tomiwabold OlajideWhile Ethereum achieved approval for a spot ETF offering in May, Solana saw its first two ETF applications in Canada and the United States come within weeks of one another. While Bitcoin started a revolution in the crypto space, many more altcoins are on track to finish it.
Alex Dovbnya
Tomiwabold Olajide
