Key Points
- Bitcoin could reach a new ATH within days, amidst bullish reports, Matrixport predicts.
- BTC is now trading at $71k, up by around 6% in 24 hours, according to CoinMarketCap.
The latest reports coming from the Matrixport crypto platform suggest that we could see Bitcoin at a new ATH these days.
The team at Matrixport posted on their X account that although Matrix on Target has been expecting a consolidation for the majority of the last couple of months, their last two weekly reports have been constructive and outright bullish again.
On May 10, they wrote that Trump might be Bitcoin’s “biggest upside risk” and, on May 17, they noted that the Bitcoin bull market is back.
Bitcoin started to rally over the weekend and the previous all-time highs could be reached within days, Matrixport concludes.
They also shared a chart highlighting Bitcoin’s funding rate.
BTC trades at $71k amidst optimistic reports
At the moment of writing this article, BTC is trading above the important level of $71k, up by almost 6% in the past 24 hours, according to data from CoinMarketCap.
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Earlier, the price of BTC got close to $71,800 for the first time since March.
Bitcoin began a bullish ride during the past week, when, on May 15, the new CPI report revealed revigorating data. The report showed an eased inflation of 3.4% for April, which was in line with economists’ expectations this time, following a few CPI reports that turned out to be hotter than expected.
Bitcoin ETFs also brought an injection of optimism to the crypto markets, marking six consecutive days of significant inflows. Bitcoin ETFs saw total net inflows of more than $241 million yesterday, May 20.
More bullish reports are supporting the markets at the moment, with a new potential price catalyst recently addressed that could propel the price of BTC higher – the network programmability that’s been addressed by developers recently.
Crypto analyst Willy Woo also commented on Bitcoin’s recent price rally, noting that the bulls were challenging overhead resistance that had been in place for a month or more.
He suggested that one more layer of resistance has to be overcome in order for BTC to achieve new ATHs.
Woo said that consolidation under an all-time high needs to happen for a while, before opening up “the flood gates.”