Bitcoin (BTC) is preparing to take off: A big rise is very close!

Net inflows from spot ETFs and Trump's lead in the US presidential elections provided a boost to Bitcoin (BTC).

The increasing net inflows to Spot ETFs and Trump's lead over Harris on Polymarket (a decentralized prediction platform) have pushed Bitcoin up. BTC, which has been rising steadily since $60,000, continues to instill confidence in the market and investors. The Fed's interest rate cut, upcoming US presidential elections, and data from Spot ETFs have been a driving force for BTC. What is the current situation for the leader of cryptocurrencies, which is approaching a technically challenging area?

Pay attention to Bitcoin (BTC) in the short term

Bitcoin, which has been priced below the descending channel since March 10th, is approaching a breakout. However, the descending channel structure has previously acted as a strong resistance. If selling pressure comes from this area (currently at $68,000), the price could decline to $64,777, $62,000, $59,647, $56,602, $52,614, and $50,580 respectively. In the short/medium term, the range of $61,500-$62,000 will be decisive. BTC may continue to decline as long as it stays below this region.

If Donald Trump extends his lead over Kamala Harris in the US presidential election polls or if the net inflow into spot ETFs continues, the rise in BTC may continue. In such a scenario, first the $68,000 level is likely to be tested. Then a move towards $70,000 and $73,684 could be followed. If ATH is surpassed, the psychological resistance level of $80,000 could be targeted.

This article does not contain investment advice or recommendation. Every investment and trading operation involves risk, and readers should conduct their own research when making decisions.