Bitcoin Price Reclaims $71,000, What’s Next for BTC?

Key Insights:

• Bitcoin price has added more than 3% and traded over the $71k during writing.
• The US Spot Bitcoin ETF has recorded an inflow of $331 million on Friday.
• A top expert said that BTC price must break through the $76,000 resistance to continue its upward momentum.

Bitcoin price has recorded a robust recovery today, soaring past the brief $71,000 mark. This recent recovery indicates that more buyers have stepped in, especially with the recent market crash offering a buy-the-dip opportunity to traders.

It’s worth noting that BTC price has slipped to as low as $60,000 this week amid a broader crypto market selloff. This has fueled discussions among traders, with many offloading their holdings amid the market fear, uncertainty, and doubt (FUD).

Notably, the crash could be attributed to a flurry of factors. It’s worth noting that the precious metals like gold and silver also recorded a sharp pullback recently.

This suggests that market participants have reshuffled their portfolios amid the soaring geopolitical and macroeconomic tensions. However, despite that, the recent Bitcoin (BTC) USD price recovery hints at the regaining of confidence of market participants.

Meanwhile, the recent surge in BTC price to over $71,000 have also lifted the broader market sentiment. For context, the global crypto market cap soared nearly 3% to $2.42 trillion at the time of writing, with most of the top altcoins adding between 3% and 5% in the last 24 hours.

Bitcoin Price Breaks Through $71,000 After Massive Crash

The Bitcoin (BTC) price today has added more than 3% in the last 24 hours and soared past the brief $71,000 mark at the time of writing. However, as the selling pressure fades, the crypto’s trading volume fell sharply by 48% to $42.43 billion.

It’s worth noting that the crypto has touched a low of $60,074 this week, which has fueled market concerns. On the other hand, the latest plunge has also allowed a flurry of traders to enter the market at a heavily discounted price.

The weekly performance of BTC price showed a dip of around 8% despite the recent recovery. Simultaneously, the flagship crypto has lost more than 22% in the monthly chart, after touching a high of $97,860 in the same timeframe.

Meanwhile, the dip could be attributed to a flurry of factors like regulatory pressure and geopolitical tensions. In addition, the US Spot Bitcoin ETF has also recorded a massive outflow this week, before ending the February 6 session with an inflow of $330.7 million.

So, here we take a look at what the market experts are expecting for the potential future direction of Bitcoin (BTC) USD price.

What’s Next for BTC Price?

Amid the strong recovery in Bitcoin price today, experts have revealed what may lie ahead for the flagship crypto. For context, analyst Ted Pillows recently lauded the BTC price pump to over $70,000 while highlighting the next crucial levels for the asset.

In a recent X post, he noted that the next major resistance for the asset is at $74k and $76k, respectively. In other words, soaring past the resistance would allow the crypto to continue its upward momentum ahead.

On the other hand, he noted that a dip from the $70,000 support might trigger another selloff in the market. In that case, the next crucial levels to watch are at $68,000 and $66,000.

Bitcoin (BTC) Price Analysis | Source: Ted Pillows, X

Having said that, market watchers are closely tracking the recent movement of BTC price. If the ETF fund flow and market sentiment recover, Bitcoin USD price may continue its upward momentum ahead this month.

The post Bitcoin Price Reclaims $71,000, What’s Next for BTC? appeared first on The Coin Republic.