Bitcoin Bulls Rally as Key Range Regained: $70,000 Price Target Still a Challenge
Bitcoin has surged above a crucial range, dashing hopes for a bearish weekend as selling pressure significantly diminishes. Following a climb past $62,000, market participants are anticipating a price target of $70,000, though intermittent pullbacks to $60,000 could impede the upward momentum.
Bitcoin’s price volatility peaked over the weekend, exhibiting a varied trend that left traders bearish. With an increase of over 8% since the weekend, sentiment has shifted in favor of the bulls, who are eyeing a push towards $70,000 in the near future. However, before reaching new monthly highs, bullish investors may encounter strong bearish resistance that could temporarily stall the upward trajectory.
BTC long positions are performing strongly as the worst of the price movement may have passed. Additionally, whales capitalized on the opportunity to accumulate BTC at lower prices, amassing over $4 billion worth of the cryptocurrency between July 4 and 10 while short-term traders offloaded their holdings. Despite the recent price dip, Bitcoin is on the brink of reclaiming the post-halving reaccumulation range.
While the chart indicates a bullish outlook, Bitcoin has not completely shaken off bearish influences. The hash ribbons signal that miners may continue to face challenges and potentially capitulate. This implies that Bitcoin’s price remains within a favorable buying range, even amidst the current uptrend. The price has experienced a V-shaped recovery and is testing crucial resistance levels, with potential for further upside once these barriers are breached.
This development could mark the start of a new upward trend, potentially propelling Bitcoin’s price beyond the $65,000 resistance level and establishing a foundation for a push towards $70,000. In the interim, Bitcoin’s price is likely to consolidate between $62,500 and $64,800 as it awaits another bullish surge.
Tags: Bitcoin, Price Analysis
