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Highlights
- Bitcoin call options significantly surpass put options by 87,027.
- Weekly digital fund outflows rise to $251 million up from last week’s $156 million.
- Key technical indicators like the MACD flip bullish as traders bet on further price increases.
- Bitcoin’s next breakout could propel it to $67,500.
Bitcoin price is finding its way above $64,000 support/resistance after the early week bullish trend fell short of the $65,000 hurdle on Monday.
Bitcoin Price Update
A 3.8% increase in value over the last seven days assures investors of potential bullish outcomes in the coming days and possibly weeks.
The regulatory landscape in the US is still a ticking time bomb with reports that Robinhood, a well-known crypto trading platform, received a warning from the country’s Securities and Exchange Commission (SEC). The Wells Notice often comes ahead of an enforcement action.
Investors interpret the shaky regulatory environment as bad for Bitcoin and crypto assets. This may explain the persistent outflow from digital asset investment products. According to CoinShares weekly report shared by Wu Blockchain, the total outflow last week hit $251 million—a significant increase from the previous week’s $156 million.
According to Coinshares, digital asset investment products saw outflows for the fourth consecutive week, with a total outflow of $251 million, and $156 million outflows last week. Ethereum broke a seven-week streak of outflows, with an inflow of $30 million last week.…
— Wu Blockchain (@WuBlockchain) May 7, 2024
What It Means For Bitcoin
Bitcoin corrected below $64,000 on Monday and confirmed support at $63,000. Bulls not giving up on the weekend rally managed to reverse the trend, although doldrums are anticipated during the next sessions unless BTC breaks from the stubborn $65,000 resistance.
Why Is Bitcoin Up Today?
The bullish outlook stems from the number of call options, which according to Coinglass data, have surged to 172,447. This significant achievement represents 66.87% of all the active options, with put options suppressed at 85,420.
The higher percentage of call options reveals improving sentiment across the market, with some traders anticipating a rally to $100,000.
Bitcoin Price Technical Outlook: Where To Next?
The largest cryptocurrency sits above crucial support at $64,000 after diving to $56,500 last week. A buy signal presented by the Moving Average Convergence Divergence (MACD) backs the uptrend. Traders will likely continue to hold onto their open buy positions as the MACD line in blue recovers toward the neutral area.
A daily close above the 20-day Exponential Moving Average (EMA) (the line in blue) is currently being sought after to validate the anticipated move to $67,500.
Nevertheless, more resistance at the 50-day EMA (the line in red) is making recovery an uphill battle. For Bitcoin to flip strongly bullish, a break above the two dotted trendlines is required.
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