Bitcoin has started the week positively and is trying to maintain above the $70,000 level. Analysts are hopeful of a reversal this week following five successive days of negative inflows into spot Bitcoin exchange-traded funds (ETFs) last week. Goldman Sachs said its clients are showing a strong appetite for the firm’s future and options offerings.

Max Minton, head of digital assets for Goldman Asia Pacific, said the firm’s larger clients were showing greater interest in the crypto sector following the launch of the spot Bitcoin ETFs. The demand for spot Bitcoin ETFs is likely to remain strong barring a sharp fall in Bitcoin. That could keep the retracements shallow as market participants will jump in to buy the dips.

Bitcoin broke out of the pennant formation of the past few days, signaling that the bulls have seized control. If the bulls maintain the price above $69,000, the BTC/USDT pair is likely to surge to the overhead resistance at $73,777.

This level may act as a significant roadblock, but if the bulls prevail, the pair could rally to $80,000. Contrarily, if the price turns down from the current level, it will suggest that the breakout may have been a bull trap. The bears will try to sink the price below the pennant. If they do that, the pair could tumble to the 50-day SMA ($59,018).

Lastly please check out the advancement’s happening in the cryptocurrency world.

Enjoy the issue!