10x Research: Bitcoin may reach new highs after breaking $67,500

ChainCatcher news, 10x Research released a report indicating that the event risk is high this week. PYTH (down 38% in the past 30 days) will unlock on May 20, worth $800 million; AVAX will unlock on May 21, worth $340 million. NVIDIA will release its Q1 2024 earnings report on May 22, and the deadline for VanEck's spot ETF application is May 23. According to the betting market, the probability of ETF approval is only 7%. Bitcoin is expected to rise or fall by no more than +/-4% this weekend.

The Bitcoin price has recently improved significantly, rebounding above the resistance area from late April ($67,500), surpassing the early May high ($64,000). A breakout above $67,500 could lead to new highs, which is what our Bitcoin ETF model predicts.

Additionally, it sees $68,300 as the "bottom line," and a breakout could trigger a strong upward trend. Bitcoin trading is bullish, with $67,500 as the next breakout point.