Bitcoin (BTC) Prepares for Potential Breakout as Bulls Aim for New All-Time High

Bitcoin (BTC) is hovering around $70,400, nearing its 2021 all-time high and showcasing bullish momentum. Several factors are influencing the current price action, including analyst predictions, rising open interest, and positive sentiment from institutional investors.

Analyst Predictions and Resistance Levels

Analysts like Ali highlight a resistance barrier between $70,180 and $70,600, representing a significant concentration of holders who might sell. Overcoming this hurdle is crucial for further price increases.

Michaël van de Poppe suggests a potential retest of the all-time high ($75,000-$80,000) before a correction.

BTC/USD Technical Analysis

Bitcoin appears to be breaking out of a bull flag on the 4-hour chart, according to Ali Martinez. A break above $70,000 could trigger a 10% surge towards $77,000.

The Moving Average Convergence Divergence (MACD) indicator is not explicitly mentioned in the article, but its potential decline based on rising open interest could suggest short-term volatility.

Open Interest and Institutional Interest

Bitcoin’s open interest has reached a record high of $37.81 billion, signifying increased participation in futures contracts and potentially bullish sentiment. Spot Bitcoin ETF inflows remain positive, with $418 million recorded on March 26th. This indicates continued institutional demand.

Bitcoin Halving and Altcoin Season

The upcoming Bitcoin halving in three weeks (reducing daily coin issuance) is another bullish factor. Speculation suggests altcoin season could begin in 45 days, potentially following Bitcoin’s price surge.

Overall, the sentiment surrounding Bitcoin is optimistic. Overcoming the current resistance and maintaining investor confidence are key for reaching a new all-time high before the halving.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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