Bitcoin witnessed increased volatility last week. The price recovered from an intraweek low of about $56,500 to finish above $64,000, a marginal gain of roughly 1.5% over the previous week. This shows that the sentiment remains positive, and lower levels are being purchased by the bulls.

According to Farside Investors data, the spot Bitcoin exchange-traded funds recorded net inflows of $378 million on May 3. Particularly encouraging was the $63 million inflow into the Grayscale Bitcoin Trust ETF, its first since its conversion into a spot Bitcoin ETF in January. Although it is too early to tell, early signs suggest that the incessant selling in the GBTC could end.

Bitcoin surged above the 20-day EMA ($63,556) after a minor hesitation, but the bulls could not pierce the 50-day SMA ($65,937). Both moving averages have flattened out, and the RSI is near the midpoint, indicating a range-bound action in the near term.

The BTC/USDT pair is likely to remain between $56,500 and $73,777 for some more time. A break and close above the 50-day SMA could attract further buying, which could push the pair to the pivotal level of $73,777. The bulls are expected to face formidable resistance at this level because if it breaks down, the pair may start the next leg of the uptrend to $80,000.

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