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Bitcoins price could start rallying to new all-time highs if it manages to decisively rise above the crucial $67,500 mark.

The $67,500 level is acting as a significant resistance line for Bitcoin (BTC), which could determine its price action in the coming weeks, according to a May 20 report by Markus Thielen, the head of research at 10x Research.

Thielen wrote:

The predictions come after Bitcoin staged a significant recovery above the $66,000 psychological mark. The worlds first cryptocurrency is up over 7.3% during the past week, according to TradingView.

Last weeks price recovery is a promising sign for Bitcoins price action, added Thielen:

Inflows from the United States spot Bitcoin exchange-traded funds (ETFs) remained positive for the second consecutive week, as the ETFs amassed over $200 million worth of cumulative net inflows, which is just half compared to the previous weeks $413 million, according to Dune.

Before the week beginning May 6, Bitcoin ETF net flows had been negative for three consecutive weeks.

Institutional inflows from ETFs were a significant part of the current Bitcoin rally to new all-time highs. By Feb. 15, Bitcoin ETFs accounted for about 75% of new investment in the worlds largest cryptocurrency as it surpassed the $50,000 mark.

However, Bitcoin faces significant resistance at the $67,500 mark. A potential move above would liquidate nearly $300 million worth of leveraged short positions across all crypto exchanges, according to CoinGlass.

Related: Over 80% of recent Binance token listings are bleeding red

On the monthly chart, Bitcoin has flipped an important resistance into support, which could signal more bullish momentum, according to a May 16 X post by popular crypto analyst Rekt Capital.

The move happened as Tether minted $1 billion worth of its Tether (USDT) stablecoin on May 17, bringing its yearly total to $31 billion of newly issued USDT.

The newly minted USDT was a big reason why Bitcoin price climbed from $27,000 to $73,000, according to a May 17 post from Lookonchain:

Tether could also directly contribute to Bitcoins rally. The company said it would invest 15% of its net profit in Bitcoin to diversify the stablecoins backing assets.

Tether acquired 8,888 BTC on March 31, worth $618 million, making the stablecoin issuer the seventh-largest Bitcoin holder in the world, according to BitInfoCharts.

Magazine: Trader turns $3K into $46M in PEPE, Ethereum gas overhaul, Tornado dev guilty: Hodlers Digest, May 12-18

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Bitcoin rally above $67.5K could spark new record highs, says 10x Research - Cointelegraph