Yeliz Akmaca 
Bitcoin tested $70,000 on Wednesday. As the price approached this level, market activity began to accelerate again. Strong inflows into spot Bitcoin ETFs have increased expectations that BTC could make a fresh move toward the $75,000–$80,000 range.
However, the technical outlook remains at a critical juncture. According to analysts, if the $68,000 level fails to hold, the recent rise may remain only a short-term liquidity-driven move. On the other hand, a weekly close above this region would signal that bulls are regaining control.
Can Bitcoin Hold Above $68,000?
According to TradingView data, the BTC/USD pair was trading around $68,480 on Bitstamp. This level sits just above the 200-week exponential moving average (EMA), currently positioned near $68,338.
Analyst Rekt Capital noted that Bitcoin is facing resistance from this trendline, suggesting that the latest recovery could turn into a “post-breakdown retest of the EMA into new resistance.” According to the analyst, for Bitcoin to reverse historical tendencies, it must secure a weekly close above the EMA and flip it into support.
On shorter timeframes, analyst Jelle emphasized that holding the 50 EMA ($68,000) as support on the four-hour chart is crucial to confirm the recovery. If bulls manage to break above the 20-day EMA at $69,220, the price could rally toward $74,508. However, this zone is seen as an area where strong selling pressure may emerge.
Could a Liquidity Hunt Push Bitcoin to $80,000?
Many traders are discussing a potential liquidity sweep scenario due to heavy sell orders placed above $72,000.
According to CoinGlass data, Bitcoin tapped liquidity around $70,000, but the main cluster of orders remains above the current price. Approximately $2 billion in sell orders are sitting between $72,450 and $75,000.
If the $75,000 level is broken, it could trigger forced short liquidations and spark a squeeze that may drive the price toward $80,000.
Analyst AlphaBTC stated that unless a strong downside catalyst appears, higher levels are likely to be tested in the coming weeks.
Spot Bitcoin ETF Inflows Support the Upside
Signs of renewed institutional demand are emerging. Data from Farside Investors shows that US-based spot Bitcoin ETFs recorded net inflows for two consecutive days.
A total of $765 million flowed into these products on Tuesday and Wednesday, with $507 million recorded on Wednesday alone — the highest daily inflow since February 2.
According to some market commentators, this rally reflects institutional accumulation rather than retail FOMO. If growing demand pressure combines with a technical breakout, Bitcoin’s upward momentum could strengthen further.
You can freely share your thoughts and comments about the topic in the comment section. Additionally, please don’t forget to follow us on our Telegram, YouTube and Twitter channels for the latest news and updates instantly.