Recently, Bitcoin has breached important resistance levels, indicating a shift towards a longer-term bullish trend. However, short-term indicators suggest overbought conditions.

Whale Activity and ETF Inflows

Interestingly, while some short-term traders may panic sell, Bitcoin whales continue to accumulate large amounts of Bitcoin. The recent net inflow into U.S. spot Bitcoin ETFs was substantial, with about half a billion dollars flowing in just this past Wednesday. For the week, net inflows have totaled around $1.4 billion over just three trading days. BlackRock has been a major buyer, purchasing hundreds of millions of dollars in Bitcoin.

Current Resistance Levels

Looking at the charts, Bitcoin faces major resistance in the range of $67,000 to $68,000. A confirmed breakout above $68,000, with a daily candle close above this level, could set the stage for Bitcoin to reach new all-time highs between $72,000 and $74,000 in the coming weeks.

Pullbacks and Support Levels

If Bitcoin encounters rejection at these resistance levels, important support zones to watch include $64,100 to $64,500 and potentially around $66,000, where previous resistance may now act as support. Overall, while the momentum remains bullish, the market could face some challenges at these key price points.

Despite a strong bullish trend, short-term overbought conditions warrant caution. Possible pullbacks and consolidations could create more favorable conditions for further growth.