Bitcoin (BTC) experienced a significant surge, reaching a local peak of $77,027 on Bitstamp, marking its highest value in ten weeks. This price increase is attributed to a growing optimism in the market following a ceasefire between Israel and Lebanon, which has helped ease geopolitical concerns.
Analysts are now focused on the upcoming weekly close, with a critical level of $72,800 identified as essential for sustaining momentum. Crypto trader Michaël van de Poppe forecasts that Bitcoin could rally towards $88,000 within the next two to four weeks, driven by reduced macro volatility and increased inflows into Bitcoin exchange-traded funds (ETFs).
Recent data indicates that US spot Bitcoin ETFs have seen net inflows of $330 million this week, signaling strong interest from investors. If Bitcoin maintains its position above the pivotal resistance level, it could pave the way for a continued upward trend, positively impacting not only Bitcoin but also other cryptocurrencies like Ethereum.