Bitcoin Price Above $70K Again, Proving Wrong All Sceptics
The Bitcoin price has just moved above $70,000 again after retreating lower in the last two weeks.
The Bitcoin price has just moved above $70,000 again after retreating lower in the last two weeks. We have seen several dips after BTC made a new record higher earlier this month, but every time buyers have come back pretty fast and have pushed BTC back up, which indicates that the demand for cryptocurrencies is high.
Bitcoin Chart H4 – The 100 SMA Has Been Broken
So, the demand is back for most cryptocurrencies, and the surge in ETHEREUM (ETH) prices by 8% to session highs, mirrors the bullish momentum seen in Bitcoin (BTC). However, Bitcoin is showing more resilience than Ethereum since BTC/USD is already trading above 2021 highs, while Ethereum still has some way to go before reaching the previous all-time high at $5,000.
Last week was challenging for Bitcoin, with the 100 SMA (green) acting as resistance on the H4 chart as shown above, around the $68,000 mark after an unsuccessful breach $65,000 over the weekend. However, today marked a more positive start to the new week, with the cryptocurrency rebounding and BTC/USD reaching a peak of $70,564 so far. There was a minor pullback during the European session, but Bitcoin has resumed its upward trajectory in recent hours, surpassing $69,000 for the first time in two weeks.
BTC Ignores Certain Bearish Metrics
Today the Financial Times reported a reversal in ETF flows over the weekend, suggesting that pent-up demand had been depleted and the market would find a more balanced footing. However, today’s price action contradicts this assertion, indicating continued strong demand as buyers are eyeing the record high above $73,000 now. Additionally, there are reports of significant short positions in BTC futures, suggesting potential short squeezes contributing to the upward pressure on prices.
The current peak in the whale ratio suggests heightened volatility in Bitcoin, indicating a potential dip back to the $62,000-$63,000 level, which previously acted as support. It’s worth noting that whales selling off during rapid price spikes in Bitcoin typically precede a healthy correction in the market.
Bitcoin Live Chart
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