Bitcoin rally above $67.5K could spark new record highs, says 10x Research

Bitcoin’s price could start rallying to new all-time highs if it manages to decisively rise above the crucial $67,500 mark.The $67,500 level is acting as a significant resistance line for Bitcoin (BTC), which could determine its price action in the coming weeks, according to a May 20 report by Markus Thielen, the head of research at 10x Research.Thielen wrote:The predictions come after Bitcoin staged a significant recovery above the $66,000 psychological mark. The world’s first cryptocurrency is up over 7.3% during the past week, according to TradingView.Last week’s price recovery is a promising sign for Bitcoin’s price action, added Thielen:Inflows from the United States spot Bitcoin exchange-traded funds (ETFs) remained positive for the second consecutive week, as the ETFs amassed over $200 million worth of cumulative net inflows, which is just half compared to the previous week’s $413 million, according to Dune.Before the week beginning May 6, Bitcoin ETF net flows had been negative for three consecutive weeks.Institutional inflows from ETFs were a significant part of the current Bitcoin rally to new all-time highs. By Feb. 15, Bitcoin ETFs accounted for about 75% of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark.However, Bitcoin faces significant resistance at the $67,500 mark. A potential move above would liquidate nearly $300 million worth of leveraged short positions across all crypto exchanges, according to CoinGlass.Related: Over 80% of recent Binance token listings are bleeding redTether’s newly-minted USDT could boost Bitcoin priceOn the monthly chart, Bitcoin has flipped an important resistance into support, which could signal more bullish momentum, according to a May 16 X post by popular crypto analyst Rekt Capital. The move happened as Tether minted $1 billion worth of its Tether (USDT) stablecoin on May 17, bringing its yearly total to $31 billion of newly issued USDT.The newly minted USDT was a big reason why Bitcoin price climbed from $27,000 to $73,000, according to a May 17 post from Lookonchain:Tether could also directly contribute to Bitcoin’s rally. The company said it would invest 15% of its net profit in Bitcoin to diversify the stablecoin’s backing assets. Tether acquired 8,888 BTC on March 31, worth $618 million, making the stablecoin issuer the seventh-largest Bitcoin holder in the world, according to BitInfoCharts.Magazine: Trader turns $3K into $46M in PEPE, Ethereum gas overhaul, Tornado dev guilty: Hodler’s Digest, May 12-18