10x Research: Bitcoin may reach new highs after breaking through $67,500
10x Research released a report indicating that the risk of events this week is high. PYTH, which has fallen 38% in the past 30 days, will be unlocked on May 20th, valued at $800 million; AVAX will be unlocked on May 21st, valued at $340 million. Nvidia will release its first quarter financial report for 2024 on May 22nd and the final deadline for VanEck's spot ETF application is May 23rd. According to betting markets, there's only a 7% chance of ETF approval. It is expected that Bitcoin prices won't rise or fall more than +/-4% this weekend.
The price of Bitcoin has significantly improved recently and has rebounded above the resistance area from late April ($67,500), surpassing early May highs ($64,000). A breakthrough after $67,500 could lead to new highs. It regards $68,300 as a "bottom line", once broken through it may trigger a strong upward trend. For bullish Bitcoin traders, $67,500 is the next breakout point.
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