Bitcoin Bullish Run: Inflation Lower Than Gold and Price Hints at Hitting $70K

By: Isha Das

Bitcoin's inflation rate, now lower than gold, coupled with the weakening dollar continues to boost optimism among crypto enthusiasts. Analysts pinpoint the significance of the recent halving, albeit with minimal impact on Bitcoin's price.

Recent trends reveal Bitcoin's price breaking past the $66,000 resistance level and initiating consolidation. With eyes set on the $67,200 resistance zone, the coin currently trades above $65,500, backed by a supportive bullish trend line at $65,900. Bitcoin seems poised for significant increments, providing it clears the $67,200 resistance zone swiftly.

Further rises could be observed, potentially reaching the $70,000 mark if there is a clear escalation above the $68,500 resistance zone. Conversely, failure to progress beyond the $67,000 resistance could trigger a down-correction taking the coin back down towards the $66,200. More losses might see the cryptocurrency plummet to the $64,200 support zone.

It's a pivotal moment for Bitcoin, with the major resistance setting in near the $70,500 point, while the significant support levels stand at $66,200, and $66,000.