Bitcoin (BTC) Price May Stage a Comeback and Retest $68K Resistance as 4 Key Metrics Flash Buy Signals

Bitcoin (BTC) retreated from Sunday, Aug. 26 high of $64,960 to $62,300. Still, there are four main reasons why the coin may stage a comeback and retest the important resistance point at $68,000.

Bitcoin (BTC) price has retreated from last week’s highs, but several indicators suggest that the coin may attempt to retest the key resistance level at $68,000.

Despite the pullback, BTC futures open interest is rising, indicating increasing demand in the futures market. Third-party data shows that interest jumped to $34.7 billion on Aug. 26, its highest point since Aug. 2.

Most exchange-traded funds (ETFs) also recorded inflows on Monday, Aug. 26, for the eighth consecutive day. Total inflows rose to over $202 million, an increase from Friday’s $252 million.

On the other hand, active Bitcoin addresses also rose to 671,000 on Aug. 6, up from 538,000 on Sunday. The number is nearing the month-to-date high of 725,000.

Moreover, Bitcoin may benefit from interest rate cuts as it has done in the past. In a statement on Friday, Jerome Powell noted that the bank would likely start cutting rates in September.

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