Bitcoin rises 6% and starts the new week above $61,000. Time for a new rally?

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Image from TradingView

The orange token sprinted across the chart, but a new uptrend is only in sight when prices break out of the current consolidation range.

Bitcoin BTCUSD surpassed $61,000 per coin early Tuesday as crypto traders maintained an uptrend for the second day in a row (so far). The OG digital asset has gained about 6% over the past two days after bargain hunters snapped up bitcoins for under $60,000. Moreover, prices have been in recovery mode since August 5 – a painful and draining Monday that sent markets crashing in droves and investors suffering heavy losses.
The new top However, Bitcoin's price swing is not yet the start of a new trend. The token must first deal with short-term resistances. At $62,500 lies a resistance area that is dampening optimism and preventing traders from enjoying another run at the current record high above $73,000. For this reason, analysts are closely monitoring current deals and paying attention to whether the immediate resistance will keep the bulls in check.
The big picture remains good and the outlook positive. Bitcoin is up about 40% year-over-year and has a market valuation of $1.2 trillion. Quick update on the ETF front – all 11 spot Bitcoin ETFs saw net new inflows of $62 million on Monday. Ethereum, which also boasted Wall Street with its own spot Ether ETFs, traded flat at around $2,600 on Tuesday. Ether-based investment vehicles saw net new outflows of $13.5 million on Monday.