Bitcoin Price Above $70K Again, Proving Wrong BTC Skeptics
The Bitcoin price has climbed above $70,000 again today as buyers keep coming back on every dip, showing that the demand for cryptos is high
The Bitcoin price has climbed above $70,000 again today as buyers keep coming back after every dip, showing that the demand for cryptos remains strong. The next target for BTC now is the record high from earlier this month, which comes at $73, 786 according to my crypto broker. Only during the US session so far, BTC/USD has gained more than $4,000, so $73k is not too far from here.
Bitcoin H4 Chart – The 100 SMA Has Been Broken
The surge in Ethereum (ETH) prices which have increased by around 8%, hitting session highs, mirrors the bullish momentum seen in Bitcoin (BTC) price action. However, Bitcoin is showing more resilience since it is already trading above 2021 highs, while ETHEREUM still has some way to go before reaching $5,000
Last week was quite challenging for BITCOIN , encountering resistance around the 100 SMA (green) on the h4 chart which stood at $68,000 mark after breaking above $65,000. However, today marked a more positive start, with the cryptocurrency rebounding and reaching a peak of $70,500. Although there was a minor pullback during the middle of the day, Bitcoin has resumed its upward trajectory in recent hours, surpassing $69,000 for the first time in two weeks.
BTC Price Action Ignores Certain Bearish Metrics
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. 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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