Bitcoin's $67K Target at Risk as Seasonal Weakness Looms
Bitcoin's price action has been closely watched by analysts and investors alike. According to Benjamin Cowen, the current market is tracking 2018, with Bitcoin oscillating between its 200-week moving average (MA) and bear market resistance band.
The spot Bitcoin ETFs saw $240 million in daily outflows on July 24 but closed the week with $33.79 million net inflows, marking three consecutive green weeks. This indicates that institutional investors are still holding onto their positions, despite some volatility in the market.
Currently, Bitcoin's price is sitting at the 0.79 Order Type Extension (OTE) on the 4-hour chart after rejecting an order block near $67,000. The two directional targets for BTC are $67,000 and $63,100. Benjamin Cowen warns that the July rally may only have two weeks left before seasonal weakness takes over.