Bitcoin Is Flat, Venture Firm Backs BTC to Shine
Bitcoin is bullish but flat at spot rates. Even though buyers are confident, prices need to break above $72,000 for trend continuation
Bitcoin prices are flat at press time. Even though bulls pushed higher in the first half of the weekend, there should be a comprehensive follow-through. A close above the current consolidation might be the base for the next leg up above $73,800 in the coming sessions.
At press time, BTC is firm at around $70,000, up 13% in the past trading week. Looking at price action in the past trading day, there hasn’t been any substantial price movements. As a result, this formation suggests possible accumulation or distribution depending on breakout direction. So far, trading volume remains low, dropping by 16% to over $35 billion in the past 24 hours.
The following Bitcoin news could influence prices in the coming few trading sessions:
- QCP Capital is bullish about Bitcoin, saying the asset can be used to diversify portfolios. So far, the coin, despite the consolidation, maintains a strong upside momentum in their analysis. Additionally, there continues to be high demand for spot BTC ETFs.
- KuCoin has been charged by a United States court of breaching the Bank Secrecy Act and not implementing satisfactory anti-money laundering measures. Following this, on-chain data from Nansen reveals that over $200 million of assets were moved from the exchange.
Bitcoin Price Analysis
BTC/USD is within a bullish breakout formation when writing but flat.
Even though buyers are confident, prices need to clear immediate resistance levels for trend continuation.
For now, the March 26 low is a critical support level.
Conversely, a break above $71,700 might ignite demand, lifting the coin towards all-time highs.
If sellers flow back, pushing prices below $67,000, Bitcoin might slip to March lows of around $60,000.
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