Bitcoin Is On High-Demand Amongst Whales: BTC To $70,000 This Weekend?

Bitcoin remains bullish, as can be seen from what happened in the daily chart. Even though prices cooled off on May 16, the bullish bar of the day prior is trend-defining. Since the retracement wasn’t deep, peeling off all gains, buyers can take advantage of the dip and consider long opportunities. However, from the candlestick arrangement, further losses today might negate the already developing bullish momentum.

Highlighting the state of affairs on May 16, Bitcoin prices are steady on the last day but up 5% in the previous trading week. Though losses were evident yesterday, engagement is higher than average, rising to over $30 billion yesterday. If prices expand from spot rates, closing above $70,000 or better over the weekend, participation will likely continue swelling.

Bitcoin daily chart for May 17

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The following Bitcoin news developments are what traders are closely monitoring:

  • In a major boost for crypto and Bitcoin, the United States Senate overwhelmingly voted to pass a bill yesterday overturning the SEC’s rule on Bitcoin and crypto custody. With this, highly regulated financial firms in the country are now free to custody BTC and cryptocurrencies in general. Still, it remains whether President Biden will veto it.
  • On-chain data reveals rising whale demand for BTC. Despite this surging interest, analysts think prices will continue hovering at spot rates for longer. As it stands, the coin, having broken $66,000, faces more selling pressure above $70,000.

Bitcoin Price Analysis

BTC/USD remains bullish despite the slowdown on May 16.

From the Bitcoin candlestick arrangement in the daily chart, every attempt lower but within the May 15 range may offer entries for buyers.

However, ideally, a confirmation of Wednesday’s gains might ignite demand, accelerating the leg up to $70,000 over the weekend.

If the confirmation is with high trading volume, bulls could even reclaim $73,800.

Conversely, if today turns red with higher trading volume, BTC stands to resume the downtrend, even slipping to $56,500.

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Dalmas Ngetich
Dalmas Ngetich
Technical Analyst and News Reporter
Dalmas is a technical analyst and news reporter covering Forex, commodities, crypto, NFTs, blockchain, DeFi, and blockchain.
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