Bitcoin (BTC) is forming a bullish flag on the daily chart, eyeing a potential move to the $72,500-$74,500 range. However, a breakout above the key $68,500 resistance is needed to confirm further upside. BTC has strong support at $65,300 and faces resistance at $68,500.
Gold’s recent all-time highs and the rising M2 money supply suggest that BTC may also be primed for a new ATH, as these factors often align in favor of both assets. With US election cycles historically promoting market stability, BTC could see additional tailwinds.
For the altcoin market to rally, Ethereum (ETH) must lead the charge. ETH hasn’t yet reached its parabolic phase, but when it does, BTC and the rest of the altcoins are likely to follow.
