Bitcoin's recent rise lacks bullish momentum, with $68,000 to $80,000 as critical levels

Bitcoin has seen a brief price increase, recovering from a dip below $60,000, but experts caution that this uptick lacks the momentum needed for a true bullish trend. The cryptocurrency is currently priced around $63,271.85, yet analysts highlight that significant resistance remains at the $68,000 to $80,000 range.

Experts from HEX Trust emphasize that while the market has become oversold, leading to potential relief rallies, any movement below $80,000 will likely be interpreted as a temporary bounce within a prevailing bear market. A sustained recovery would require Bitcoin to reclaim this critical price threshold.

Alex Kuptsikevich, chief analyst at FxPro, suggests that a rise to $68,000 could represent a rebound from the downward trend observed from May 11 to June 5, indicating a preliminary level bulls must surpass. However, the likelihood of such a rally is closely tied to ETF inflows and broader economic conditions.

Bitcoin ETFs in the U.S. have faced over $5 billion in redemptions over the past month, with another $91 million withdrawn recently. A reversal of these outflows, along with favorable U.S. inflation data, is essential for Bitcoin to gain traction. Analysts predict May's inflation could exceed 4%, significantly above the Federal Reserve's target of 2%.

HEX Trust warns that a constructive recovery path hinges on several factors: a softening of inflation, stabilizing Treasury yields, and a slowdown in ETF outflows. Until Bitcoin can reclaim key technical levels, the market may continue to reflect bearish sentiment.