Bitcoin (BTC) Hits Highest Levels Since July 2023

According to data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD gained 2% on the day before consolidating. Bitcoin is now targeting a key psychological level—its 2021 all-time high of $69,000.Skew, a popular trader and analyst, noted the uptrend structure remains intact, suggesting the breakout could sustain if Bitcoin achieves a higher high (HH) above $69,000.A successful move above $69K would signal a shift in the high-timeframe (HTF) structure, paving the way for further bullish momentum.Technical Indicators Support UptrendAnalysts point to the Relative Strength Index (RSI), currently holding above the key inflection point at 50, as a positive signal.Skew highlighted that an RSI above 50 on the daily timeframe aligns with sustained bull runs, especially when supported by favorable 4-hour trends. BTC/USD 1-week chart. Source: Rekt Capital/XRekt Capital confirmed a breakout above August resistance levels, urging traders to monitor for a weekly close within the resistance zone to confirm a channel breakout.Liquidity and Market Sentiment at Key LevelsMonitoring data from CoinGlass shows ask liquidity forming just above the current spot price, with significant buyer interest around $65,000. This suggests traders are closely watching for Bitcoin's next move toward $69K. BTC/USD order book liquidity data (screenshot). Source: CoinGlassSkew warned that inflows into spot Bitcoin ETFs could potentially spook sentiment if the market fails to absorb new supply.Breaking the $69K barrier may require strong spot market demand from passive and active buyers.ETF Flows and the Path ForwardRecent net inflows into U.S. spot Bitcoin ETFs have fueled optimism, but analysts remain cautious. ETF inflows must be accompanied by sustained buying pressure to avoid supply shocks at critical price points. Skew suggested that $69K-$70K could be a decisive zone where buy flows might surface, lifting Bitcoin beyond previous resistance levels.Bitcoin Nears a Pivotal MomentWith BTC/USD approaching $69,000, analysts believe Bitcoin is poised for a breakout from its 8-month downtrend. If buyers step in at critical resistance levels, Bitcoin could reclaim its all-time high and set the stage for further gains toward $70,000 and beyond. However, spot market demand will play a crucial role in sustaining the current momentum.